QUOTE(elmcitymaven @ Mar 10 2007, 05:09 AM)

Well, they won't win any prizes in the Deluxe category, but the Travelodge chain is dependably inexpensive and, as they say over here, does what it says on the tin. A clean room, decent beds, no fripperies. There are quite a few in London, ranging from £70-£95 depending on location, but I just checked the website (www.travelodge.co.uk) and there are deals to be had for as low as £26 a night depending on when your stay is. There is a web special on at the moment which ends on the 17th.
Heads up though, if you are not familiar with London: of the "London" hotels they list, only some of them are in areas you would actually want to be in to be near the centre. Avoid the following: Battersea, Dockland, Ilford, Kew Bridge (very pretty down there, but takes FOREVER to get into town), Park Royal, and London City Airport. Of the remaining, the King's Cross area can be a bit of a mixed bag -- much, much safer than 10 years ago, but does still on occasion have the whiff of 70's Times Square about it. You'd probably want the Covent Garden or Marylebone hotels, as these are central and well-trod areas, but predictably most expensive. Liverpool Street is on the edge of the financial district, and a bit far from touristy stuff. Farringdon is on the edge of Clerkenwell (still trendy), but again, a bit far away, and frankly the positioning is a little less than ideal.
I also use the ViewLondon website a lot for restaurant and bar reviews, and I just peeked at it -- there is indeed a section on hotels. Looks like there are some deals to be had there...Radisson Edwardian Vanderbilt in South Kensington is £67.50, which is a steal. Also try lastminute.com -- not the cheapest always but things do pop up from time to time.
Good luck!!!
G & I have stayed at the Travelodge too. We found the rooms to be great! Nothing fancy, but it was clean, spacious, with a huge comfy bed and the water in the shower was hot and strong! They typically have a pub associated with them too. The food was really good! We liked it so much that when I go back in April, we have booked a few nights there again.