I booked a two-night stay through Travelocity for $98/night. We didn't have high expectations since we chose the hotel for its location and only planned on using the room for showering and sleeping.
The carpeting in the corridors and elevators were worn, old, dirty, and dusty. However, we were pleasantly surprised with our room. The bathroom was spacious, there was plenty of counter space, and everything was clean. The window shades and the AC/heating unit were easy to use. The beds were very comfortable. They offer free wi-fi.
The best part was the location. This hotel is right smack in the middle of everything: the Latin Quarter is to the north, Chinatown is right next door, Old Montreal is south, and the shopping malls are to the west. Everything was so close by we never had to use the metro. If you do plan on using the metro, there are two stations very close by.