A utility room is the usual answer. The machine needs a room that stays roughly between 10 and 25 C, air around it, a socket of its own and a floor that will not carry vibration into the bedroom.
Expect a constant fan, somewhere between a fridge and a bathroom extractor, for six to twelve hours. The smell is stronger than most people expect, and it depends entirely on what you dry.
Loud enough that nobody puts one in a bedroom. Two things make the noise, the vacuum pump and the compressor, and they run for most of a day and a half.