Hotel Cloister Inn (Konviktská 4, Praha 1; tel. 224-211-020): This freshly restored hotel in a former convent offers a comfortable room at a fair price in Old Town near Jan Hus's 15th-century Bethlehem Chapel.
Pension Vetrník (U Vetrníku 40, Praha 6; tel. 220-612-404): This family-run romantic hideaway is reachable in about 20 minutes by tram from the city center. Its atmosphere and price are unbeatable.
Pension Unitas/Art Prison Hostel (Bartolomejská 9, Praha 1; tel. 224-221-802): An ideal place for budget travelers who want to take advantage of staying in the very center of Prague.
Staying in Vinohrady, a gentrified quarter above Wenceslas Square, will put you a bit off the Royal Route, but you can find no better price and selection in central Prague, especially if you arrive without reservations. One example is the Flathotel Orion (Americká 9, Praha 2; tel. 353-232-100). This neighborhood teems with cafes and has easy metro access to the older quarters.