First of all the photo which appears in the only other review of this hotel is not accurate. I don't know where it was taken, but it's certainly not the Hotel Cotty.
Cotty will take reservations online through their dedicated website. I've learned it's far less expensive to simply show up in the lobby though. $58 a night online or $42 without reservations. The Cancun bus station is right across the street which means two things. It's a super convenient spot to land for an evening before continuing onto further travels and it can be loud. Really loud. So bloody loud in fact, that the low end from the night clubs a few blocks away actually shakes the very foundation of the place. But, that's the sacrifice for dirt cheap.
Some of the rooms are better kept than others, but if you anticipate a typical Mexico budget hotel which is slighty run down than you won't be surprised.
It's convenient, cheap and well located for an early departure from the bus station. Be careful crossing Uxmal Blvd. or the contents of your luggage will be yard sale fodder.
There's also an Oxxo 24 hour store a block away for stocking up on last minute travel tidbits.

Hotel Cotty is a Small independent hotel located downtown near the bus terminal and I first I was a bit nervous when my airport taxi guy brought me here when I asked for a budget hotel in downtown,especially since it was only 35 us dollars a nice.Its more like a motel than hotel,the lobby being in another building.The rooms were quite nice..remodeled,new mattresses,cable tv,strong air con,very clean,complimentary news paper and the staff quite friendly and helpful.The location could not have been better!all sorts of restaurants and nightlife near,the bus station 2 blocks away.Definatly not a 5 star resort,but for 35 dollars youre getting a palace.So if youre looking for a nice place in cancun but are on a budget stay at Hotel Cotty!