I spent 3 weeks at this hotel when staying in Iquitos to find out about medicinal plants and it was perfect in location, had free internet, hot water (which is RARE for this price range) air conditionig and free breakfast!
I have to say that the air conditioning is VERY NOISY, and that breakfast is not that varied.. but after trying other hotels in the town I can really recommend this one! Also, the staff is very professionale and friendly at the same time. I encountered problems whilst in Peru and the staff went out of their way to assist me - a really human, friendly hotel for lone travellers!

Being a well seasoned traveler, and accustomed to all sorts of accommodations, I'd say, unless you're a starving student on a tight budget, stay away from this place. Let me start by saying that it doesn't pretend to be something its not...its a "hostel". The staff was pleasant enough, but the rooms were nothing more than staying in a flop house...smell of sewage, dirty floors, bed with protruding springs and sounds of being in a tenament building, complete with barking dogs and domestice disputes. Our problem stems from the fact we paid for and were booked for another hotel, but due to a large conference in Iquitos, apparently rooms were scarse and the tour company placed us here without informing us (or refunding the money we paid for a "superior" hotel room). Fortunately it was only an overnight experience and we look back on it as one of our more "interesting" stays with humor.
It is what it claims to be...a low priced "hostel". Don't be confused by sites calling it a "hotel".