My Wife & I stayed at the Hotel Otto in Prague on Oct 10 for 3 nights. We received a great rate 32 euro per night B&B and were encouraged by the good reviews. These reviews were spot on, as the hotel exceeded expectations.
Based a street away from the River Vltava, the hotel is a 15 minute walk from the New Town, across the river, with the Old Town and Jewish Quarters a little further away.
On the same side of the River to the Hotel is the Lesser Town and the Smichov district which boasts a shopping area for seemingly the locals.
We booked Prague Airport Transfers Ltd for pick up from the airport. They were on time and great at this (although if you book the Dinner Cruise, they will only take you one way, not a return trip, although there e-mail and internet advert states a return journey.)
Once at the Otto, we were greeted by a great reception staff (dark haired from Belarus), who was helpful and friendly throughout. The room (31) was large, with an entrance area, a sofa, TV, and everything was really clean. Safe facilities are available for 50 Czech Koruna per day. Breakfast in the hotel was plentiful, from hams, cheeses, cereal, juice, coffee/tea, toast, rolls, yoghurts, fruit as well as eggs to order and a hot plate. How can anyone not be happy with such a start to the day.
There is also a room opposite reception where you can enjoy a coffee or drinks from the fridge (to pay) as there are no such facilities in your room.
We took a walking tour on the first day (free for 4 hours). This was really interesting and showed all areas of interest in the city.
We booked a Dinner Cruise for 740 Koruna, which had a hot / cold buffet, a welcome drink and music all night, a lovely trip along the Vltava.
On the last night, we ate on the Admiral Botel, which was near the hotel. Prices on the boat, as in Prague in general were very reasonable and you could enjoy a 2 - 3 course meal with beer for £20. We ate at the Pivovarsky Dum and at the Kolkovna as well and both were lovely (although the Czech meals with dumplings and heavy bread are very filling.
All in all, a fantastic trip, the city is well worth a visit and to stay there, I would recommend the Hotel Otto to anyone who wants a friendly, inexpensive but spotless hotel near all areas.

Nothing to complain about. Really nice place, very clean, and everybody was kind and warm. Tram station 3 blocks away, nice buffet breakfast included. Would recommend it to anyone who wants to stay in Prague.

The location was alright, not too far from mala strana. Breakfast was workable, rooms basic, but not a bad place to stay. They let us keep our luggage there while we went to Cesky Krumlov. The dark haired young lady was much more helpful than the other staff. We asked if it would be possible to borrow an adaptor and the blonde lady told us that she didn't have one. When the dark haired young lady came back we asked her and she quickly produced one. If you can, deal with her only. 20 minute walk to the castle was nice. If you want a less touristy experience walk south and check out Smirnov area just south of hotel.

Booked the hotel via HRS online booking service and the booking was confirmed. Went to check in only to be told that no reservation was made in our name!! we were totally flummoxed, receptionist was not very helpful, directed us to another expensive hotel. This could be a exceptional case but just to let everyone know that it can happen. Prague was a nice place and enjoyed the rest of our stay.