When I returned to Frankfurt in October 2007, I was able to secure an incredibly good rate ($60 a night) at the new Moevenpick, located in the western end of the city close to the Messeturm. This low rise hotel offers great comfort and a very nice location, only a ten-to-fifteen minute walk from the train station. The rooms are all no-smoking, as well as equipped with efficient wi-fi (which however you have to pay for.)
The staff were a good representation of Swiss hosteltry: cheerful, helpful, egalitarian. There's also a clean, modern bar and restaurant on the premises.
The location - on the edge of the convention district - may be the only thing to hold against it. It's a bit in the middle of a construction zone, and is certainly lifeless at night. You're not "in the middle of things" here!
Am Kaiserplatz, Frankfurt, Hesse, 60311, Germany
Kennedyallee 70, Frankfurt, Hesse, 60596, Germany
Friedrich-Ebert-Anlage 40, Frankfurt, Hesse, D-60325, Germany
Poststrasse 10, Frankfurt, Hesse, 60329, Germany
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Address: Den Haager Strasse 5, Ecke Hemmerichsweg, Frankfurt, Hesse, 60327, Germany