A block east of the boulevard and three blocks west of the Iglesia La Merced  plaza, Hotel Norimax (tel. 504/772-1210, US$16 s, US$18 d) is a pleasant hotel in a two-story building, with checkered tile floors and a small shared balcony. The rooms have worn linens and paint, but clean bathrooms and air-conditioning, and the staff is cheery.
Hotel Emperador (tel. 504/772-0332, US$16 s, US$17 d, or US$24 s, US$ 26 d for rooms with microwave and fridge), on the Boulevard, a block north of the Metro Plaza, has unexceptional but clean rooms with air-conditioning, TV, and telephone. A few rooms have balconies. Monthly stays can be arranged for US$300 a month, plus the cost of electricity.
Hotel Quan (tel. 504/772-0070, hquan [at] hondutel [dot] hn, US$14 s, US$19 d with fan, US$21–47 s, US$29–55 d with a/c; all with breakfast), on the block behind Restaurante Mang Ying , has a wide variety of rooms with hot water and TV. The older section is cheaper and basic, with mismatched linens, but clean. Across the street, the hotel has a motel-style building around an aboveground pool with nicer rooms, equipped with air-conditioning, TV, and refrigerator. Those on the second floor have hammocks on the breezeway. The hotel is kept clean, the management is very helpful, and the neighborhood northwest of downtown near La Iglesia de la Caridad  is quiet.
If you really need to save money, Hotel Honduras (tel. 504/772-1893, US$6 s and US$8 d, cold water only) has cramped rooms. The shared bathroom is not very clean.