Hotel Maria de la Luz has its pros and cons. The biggest pro, by far, is its perfect location, right on the corner of the main square. From the rooftop you can get good views of the nearby cathedral and other buildings surrounding the square. Another pro is that the rooms are clean. They also have air conditioning and small televisions (we didn't have a remote, though). Breakfast, which is quite good and includes bread, pancakes, french toast, eggs, sausage, coffee, juice and fruit (if you dare), is included in the room price.
As for the cons: a plaque in the hotel entrance states that it was built in 1970; from the looks of the exterior and the rooms themselves, not much has changed since then. The beds are old and uncomfortable, the showers only have hot water when it suits them, and the light fixtures need updating-- you're more likely to get light from the bright neon lights outside the rooms than from anything within. Another con-- although the hotel pool looks nice from a distance, it's pretty dirty-- we got in and out fast. There's also no place to sit near the pool.
For the price ($45 US), it's probably not worth it. Other hotels in town are reasonably priced and look nicer.
Directions: On the northwest corner of the main square
Popped in a the last minute on Christmas Day (actually a big travel time in MX) and got a room for 4 for about $36! So they have a good variety of rooms. It was clean and has a restaurant and pool. The location right on the square is the big plus. The other hotel on the square, El Meson del Marques, is fancier and more expensive. We stayed here but went and ate at the lovely restaurant at El Meson.
Directions: On the east side of the square
Calle 39 no. 203, Valladolid, Valladolid
Calle 44 # 193, Valladolid
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Calle 42 No. 193 C, Plaza Principal, Valladolid
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Address: Calle 42 No. 193 C, Plaza Principal, Valladolid, Yucatan, Mexico