La Candelaria is a nice neighborhood, historical, lively, with lots of culture and many universities. Do be careful, though, particularly at night.
The neighborhood has about a dozen hostels, some real party places, some quieter. For a listing, see:
La Candelaria Hostels
Directions: La Candelaria, Bogota, Colombia
At the limits of Candelaria and very near Avenida Jimenez you can find a wonderful hostel in a pretty colonial building. It is safe and quiet at a short walking distance from the main interesting points. It has many double-floor apartments around a sunny, beautiful courtyard with a nice fountain in the middle. More rooms were being constructed while I was there. There are some simple rooms, too but the real fun is staying in an apartment. It has a dining room, a kitchen, and the bathroom on the first floor and two bedrooms with cable TV on the second. An internal staircase takes you upstairs. There is also a corner in the kitchen for washing clothes. The whole setting reminds you of a cozy little apartment and soon you feel at home. If you are a group of 4 it's just perfect. You will pay about 7.5$ each. If you are less then you will have it for 10$ each with the possibility of sharing with 2 more people. I was lucky enough to have it for myself most of the time! The decoration shows a fine taste. The hotel stuff are excellent!
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Calle 82 No. 12 - 35, Bogota, Colombia
Avenida El Dorado 69A 51, Bogota, Colombia
Calle 84 N 13-54, Bogota, 350196, Colombia
Carrera 21 # , Bogota, 101-10, Colombia
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Address: Calle 16 No.2-38, Bogota, 0111, Colombia