There are no true luxury hotels on the island. What you get instead are charming, down-to-earth, rustic lodges with slow but friendly service. Moyogalpa has the best concentration of budget options, but my advice is to get out of that town and stay on the island, where there are plenty more places at reasonable rates.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.