Hotel Cloister Inn (Konviktská 14, Prague 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, Prague 6; tel. 220-612-404): This family-run romantic hideaway is reachable in about 25 minutes by tram from the city center. Its atmosphere and price are unbeatable.
Czech Inn (Francouzská 76, Prague 10; tel. 267-267-600): This place calls itself a hostel, but "budget boutique" would be more accurate. Great breakfasts, an upscale modern interior, a bank of convenient computers in the lobby for surfing, and friendly receptionists make this a great choice if value is a prime consideration.
Castle Steps (Nerudova 7, Prague 1; tel. 257-216-337): These beautifully restored rooms in a series of town palaces along Nerudova in Malá Strana are quirky in the best sense of the word. You won't get this location -- or drop-dead gorgeous chambers -- for less money, but you may have to share a bathroom.
K+K Hotel Central (Hybernská 10, Prague 1; tel. 225-022-000): Okay, it's absurd to put a four-star luxury hotel in the moderate category, but this stunningly restored Art Nouveau palace frequently discounts rates over its website, so it's always worth a click to see what's available.
Hotel Absolutum (Jablonského 476, Prague 7; tel. 222-541-406): This is a sleek, modern hotel, with designer-style rooms at very reasonable prices. The location, across the street from the Holesovice train and metro station, won't win any beauty contests, but it's super convenient for getting to the center or for checking out Holesovice, one of Prague's up-and-coming neighborhoods.
Staying in Vinohrady, a residential area 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 Orion (Americká 9, Prague 2; tel. 222-521-706). This neighborhood teems with cafes and has easy metro access to the older quarters.
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.