Swiss Inn hotel in China Town is reasonably priced and in a great location. It is right near a monorail station and next to a couple of markets.
#2 NatashaMalaysia has been a member since 8/12/2009. Posts: 1
Swiss Inn is ok, but I found the rooms to be a bit variable, and some had a strange smell?!
Another couple to consider are
Heritage http://www.heritagehotelmalaysia.com/ - not stayed there but the building is amaazing
Radius http://www.kl-hotels.com/radius/ - have stayed here and it's walking distance to Bukit Bintang monorail and all that has to offer, plus opposite is a great Indian canteen place... a great location