Yangzi Fandian (Yangtze Hotel, Hankou Lu 740, Huangpu; tel. 021/6351-7880): At this renovated Art Deco gem perfectly located within walking distance of People's Square and Nanjing Lu, ¥600 to ¥700 ($75-$87) will get you a discounted, comfortable, and clean room with all amenities including broadband Internet service. This mid-range hotel is one of the better values in town.
Captain Hostel (Fuzhou Lu 37, Huangpu; tel. 021/6323-5053): Lodged in a 1920s Art Deco building just steps from the Bund, this popular maritime-themed hostel offers clean dorms and simple double "cabins" for around ¥300 ($38) after discount, a whopping good bargain for its location. After a hard day's sightseeing, you can sip a cold beer on the rooftop bar (which has fabulous views of Pudong) and be grateful you weren't shanghaied like a sailor of yore.