Well, you don't really have many options. The Novotel costs $300 or more and that's the only worldly accommodation in town. I stayed at the Hotel Bahia, which cost around $80 if I am not mistaken, but is truly grotty. The nice thing about it is its terrace/restaurant (not the food), from where you can have a nice look at the bay and the distant (US-held) oil rigs.
