The 205 rooms at The Hoxton are smart and compact, with Frette linens and duck-down duvets, flat-screen TVs, power showers, and Pears soap. The price for a double—which is cheaper the earlier you book—can be as low as $2 a night with occasional promotional offers but is typically about $200. Included are a light breakfast delivered to your door, mineral water, fresh milk for hot drinks, and Internet access. To boost your chances of landing a $2 room, get on the hotel's mailing list. Strengths: A superior central location; loads of free amenities. Weaknesses: The same rooms are sold at a variety of prices, depending on how far in advance you book (44-20-7550-1000; hoxtonhotels.com; doubles, $2–$296).

A cozy town house hotel in Marylebone, Montagu Place has 16 rooms in three categories, defined largely by the size of the bed. Only "Comfy" rooms on special offer fall into the budget category, but that's no hardship: Accommodations include a pleasing ensemble of pastel colors, Molton Brown toiletries, free Internet access, and CD and DVD rentals and players. Strengths: A luxurious retreat in a prime location. Weaknesses: Breakfast is not included in the room rate (44-20-7467-2777; montagu-place.co.uk; doubles, $296–$369).

Twenty Nevern Square is a newly restored redbrick Victorian town house. All 20 guest rooms have an old-fashioned feel, complete with silk curtains and hand-carved wooden beds. Strengths: Close to Earl's Court station. Weaknesses: The cheapest rooms are tiny (44-20-7565-9555; twentynevernsquare.co.uk; doubles, $200–$350).

Apartments
45a Cloth Fair is a basic but functional Georgian apartment steeped in history. The two-bedroom flat, which sleeps four, overlooks the ancient Church of St. Bartholomew the Great and features period architectural details and antiques as well as a thoroughly modern kitchen and bathroom. Book through the Landmark Trust. Strengths: Close to Smithfield Market, the Museum of London, and St. Paul's Cathedral. Weaknesses: No Internet access or TV; a rock-hard living room sofa (44-1628-825-925; landmarktrust.org.uk; $380 per night, with a seven-night minimum).

Citadines Trafalgar Square offers 187 apartments in the heart of London, ranging from studios that sleep a couple to two-bedroom flats. Strengths: The apartments are within walking distance of London's most famous monuments, galleries, and theaters; comfortable furnishings; no minimum stay required. Weaknesses: Mid-'80s hotel chain–style living room decor doesn't impress (44-20-7766-3700; citadines.com; studios, $220–$248).