OK frito, stop taking advice from people who have never stayed at hotel that they are trying to put down or get advice about..
It all boils down to how much you want to spend, and what you expect as far as being comfortable..I knoe Lasuras at the Colonial and he is a nice guy, and will give you some advice and help if needed..
There are 3 hotels at the Colonial..The older one is maybe 15-20 bucks a night..so you get what you pay for..The second one is newer and probably about 10 dollars more a night, but well worth it. The third hotel is the newest one and will probably run you around 33-35 u.s per night..I personally would only probably stay at the new one. It is clean, and it has overnight security and a overnight clerk....and yea, you can bring in your pay for play chica. If thats your thing.But use some commonsence, and stay away from the nasty street girls..
And you will need to take a taxi to get to the Monument area, unless you want to show up full of sweat..
If you want a better Hotel that is closer to the Monument, then the Matum is your best bet..It will cost you around $60. but you can walk to the Monument and the many bars and restaurants close by..There is a little bar in front of the hotel, and some decent food vendors right in front of the hotel..They give you free breakfast with coffee in the morning..Ask for the Manager Anthony , and maybe he will give you a deal for a longer stay..And I have seen gringos there with chicas, so I assume it's guest friendly, but again you need to use some reasonable judgement on who you lay down with, and who you want people to see who you lay down with..
PM me when your in town and maybe we can get together for a few cold ones..