After failing to snag a Western chain hotel for cheap on Priceline, I began to hunt for a reasonably-priced, clean hotel in a convenient location. After spending an hour reading reviews, I locked in on the Royal Hotel and it turned out to be a great decision.
While the street that the hotel is on is far from glamorous (there is at least one strip club on the same block), the neighborhood doesn't have a red-light district feel that an American might expect. In fact, the street was clean and fairly quiet. The best part is that it's less than a 5 minute walk to the Munich Hauptbanhof (main train station).
The rooms are very clean, but basic. Our room was small, two twin beds and minimal closet space, for our needs it was fine.
The buffet breakfast was simple but more than sufficient with eggs, sausage, cold cuts, various breads and pastries, and fruit.
Finally, the free in-room Wi-fi sealed the deal for us.