We stayed the MLK weekend at Lionshead Inn and basically, as the night manager told me, "You get what you pay for - That's why Lionshead is the best value in the valley."
The positives: inexpensive, very short walk to the gondola, and next to a bus stop to take you to Vail Village. This is all great especially after a day of skiing / boarding and you don't want to wait or walk far to get back to your room.
But.... We stayed in the annex. The carpet was disgusting. I couldn't bring myself to walk on it without socks but the sink and bath area were kept nice and clean by the staff. The internet was slow. I was told that internet was only available in the main building but I guess the signal barely reached the annex so at least we were able to get some access. The towels, while clean, looked to be many years old. We had three towels and each was a different hue of beige and were all different sizes. Breakfast was apples and granola bars. The room decor definitely needed an update.
So, great value if that is what you are looking for but be warned of the drawbacks.
Room Tip: Book a room in the main building and avoid the Annex.
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This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC