Me and my wife went on a cheap weekend break and loved the Korona. Location is fine as long as you are prepared that you will be catching a bus into town. We didn't wait longer than 5-10ins and it just added to our experience of discovering the city.

The bus is only 400 forint each (just over a £1).

I would recommend checking out a Ruin Bar if you can, we had a brilliant time and it was all very safe.

My best friend and I travelled to Budapest for the Christmas Markets, and stayed at the korona. We thoroughly enjoyed our stay. The hotel is small but clean and very comfortable beds. We had a twin room over the restaurant with a veranda which was basic but lovely. We had dinner in the restaurant and the food was delicious, however, I would say, if you order a steak and like it med to well, ORDER IT CREMATED! as medium steak was still breathing on the plate!! but the quality of meat was excellent! The bar is supposed to close at 22hr, however we were still there at 3.30 with Soltan! While the hotel is out of town, the bus and tram service is very good. Must go to the Gellert spa and have a massage! We took a lunch time cruise on the Danube with buffet lunch which was superb, all for €20! Also the Imperator restaurant is fab and will drive you home in a limo! Must try the hungarian goulash - delicious and the gluewien at the markets - superb! Xmas markets will really get you in the mood for christmas (we went 6th - 9th dec 2011) but go on a tues or wed as Friday was bedlam! A beautiful city and people are very helpful and friendly.

Stayed three nights in this hotel for a city break in December 2011. The price for stay was really a baragin, booked two weeks in advance on hotels.com. The hotel is situated near Lebanon embassy in Budapest, more precisely in the Buda part of the city. The surroundings are quiet and seemed to be very safe. It is situated a little bit far from the city center and all touristic attractions, but they are easy to reach by pubilc transport (you have to take two buses, first right in front of the pension, change three stops away with one which leaves you right after Erszebet bridge, meters away from famous Vaci utca. You can buy bus tickets or even Budapest card from the reception. All receptionists were very kind and offered valuable informations about the city and public transport. the breakfast was a lavish and variated one. It is served in a building, 20 m uphill from the hotel, in a restaurant where you can eat other meals during daytime at decent prices. The rooms are very clean.
But there are some minuses. The Wifi signal is very very weak in the rooms and the car parking is very small. You can of course leave the car outside the building without any costs, and there are plenty free parking spaces. There was a little too cold in the room when we arrived, but the problem was solved quick. It is a hotel I would recommend.

We stayed for a long weekend at the hotel. We were not expecting a fantastic room and we did not get one, ours was basic but had what is usually needed at a hotel.
When on holidays, we usually walk through town during the day, come back to Hotel early evening and then go out at night to a restaurant or bar. The location of this hotel does not facilitate that as it takes you two buses to go to the city centre or the Danube banks. Early evening, when we got to the hotel, we did not have enough energy to take two more buses to go to town and then two more to return.
Inside the room, the shower head was broken and did not get fixed even after notifying reception twice. Wifi did not work in our room, number 17, so we had to stay at the lobby checking e-mails. Reception was notified again but the problem still remained.
On the other hand, room was clean and staff were friendly and helped us with directions and information about the town. Minibar prices are great and there is a good selection. Breakfast was good, with eggs, local sausages, coffee, juices. We did not eat at their restaurant but the selection and prices were interesting.