If you happen to be staying the night in Fajardo, Anchor's Inn is affordable and clean. We stayed in Fajardo primarily because we took the latest ferry from Culebra and did not feel like driving anymore. After calling every place in town and finding them too expensive, we were relieved to find a room with one double bed for $62 per night. There was A/C and a fridge which is always a bonus!
It was nothing fantastic but a good place to stay for the night.
Directions: Take El Conquistador Ave past the Conquistador Hotel and it is on the right hand side of the road. It is white with black and red trim and has a big restaurant out front.