Found this room for a very cheap rate ($76/night) on expedia.com. Located a 10 minute walk from the Guggenheim, and another 10 minutes in the opposite direction to the old city. The hotel also faces the river, along which is a wonderful pedestrian walkway that will lead you to most of your nearby destinations and bridges into the city center.
Hotel lobby and amenities (cyber corner, bar, cafe, bicycles available) were nice. Room was just okay. Funny thing: they advertise sound-proof rooms, but I could hear the neighbors on either side quite well. (nothing exciting to report)
Barcelo Nervion: A very correct hotel in front of the Guggenheim.
Satisfaction:
By Mikivoyageur on December 28, 2006
It's at the river, near the Guggenheim Museum and the most interesting things of the city, like the Arriaga Theatre, The Old Town, and the Deusto University. The bus to the airport (Bilboko Sondika Aireportua) is very close too. The hotel is very nice too, with comfortable rooms and nice personal.
It was just a one night stay in 2001 but what a night! No complains at all... It might just be me not used to being in fancy hotels and especially not after a long and tiresom coach ride, but it was heaven. Big soft beds, lovely showers and pencils to take along on your further journey ;) I don´t know what the prices were (it was an arranged tour), but I can imagine it´s not at all cheap...
The Barcelo Nervión is situated on the bank of the river and is central for exploring places of interest.
It's obviously predominantly for business travellers and as such, has a total lack of character. However, the accommodation is comfortable and spotlessly clean with good ameneties. I booked a double room for single occupancy for the very good price of €50 per night.
The hotel has a bar and restaurant. I didn't eat in the restaurant but the bar meals were good, albeit at typically high business-class hotel prices.