I recently stayed at Aparthotel Atalaya:
Apart-Hotel Atalaya
It is located in a residential neighborhood just off Sarasota, between Lincoln and Churchill...somewhat "west". I paid 1600 pesos per night for a standard room that was fairly large and included a full kitchen, king bed, balcony with great ocean view (best from rooms on the southern side of the building, but from this side you are also overlooking (and hearing) a fairly busy street), decent wifi, a/c and cable tv. They also have a covered parking lot. If you stay, definitely check a few rooms as the two I looked at were very different, and I believe they have several different types. My only real complaint would be the locks on the doors and overall feeling of security for the rooms. I had no problems in the 2 days there, but the doors could very easily be opened forcibly, if someone wanted to...
The furnishings and overall interior could definitely use updating, but in general it was a good value and comfortable place, especially if the area works for you.