Good Hotel near Hyde Park?
Lots of terrible places in that area!
The following are all pretty inexpensive for London, and recommended in the Rough Guide to the Best Places to Stay in Britain on a Budget.
Caring Hotel – near Paddington, clean, good value, nice location.
Lincoln House – nearer Marylebone/Marble Arch. Characterful, but variable. Check what kind of room you’re getting.
Portobello Gold – Notting Hill area. A backpackery, funky option, on Portobello Road. The rooms are simple, and have seen better days, but has a lively bar/restaurant downstairs.