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The Hotel Ultramar is slightly cheaper than some boutique hotels. It's a bit further out of the way of all the fun, high up on Cerro Carcel but the views are simply spectacular and the hotel is really well run. From 30,000 to 90,000 pesos a room.

Allegretto just scrapes in at mid-range. Just opened and run by the owner of the excellent Allegretto Pizza restaurant I haven't actually seen the inside of the place but it looks ok from the photos. 30,000 pesos a double and they have a dorm as well.

I also have some low-range suggestions for people who think spending a fortune on accommodation is folly.

There are a couple of hostels on Cerro Concepion. The first is Hostal Pilcomayo on the corner of Pilcomayo and Templeman and the other is Casa Aventura which is on the corner of Urriola and Pasaje Galvez. No idea what they charge but I expect it'd be on the range of 5-8000 pesos per person for a dorm bed.

There are lots more hotels and many B&Bs and homestays around, especially on Cerros Alegre and Concepcion. Those mentioned are just the ones that come to mind and/or that I’ve personally visited.]]> http://www.ivebeenthere.co.uk/tips/13495 http://www.ivebeenthere.co.uk/tips/13494
The Hotel Gervasoni. This hotel is probably one of the best private renovation jobs I've seen anywhere and is really well positioned at the end of the Paseo Gervasoni, next to the Lukas museum and the top of the Ascensor Turri/Concepcion all on Cerro Concepcion.

The owners spent a small fortune restoring the old mansion and did a hell of a job. Original details were delicately recovered and pricey antiques dot the place alongside more modern touches. It has a great terrace with views of the port and bay for drinkies and a restaurant below with some seriously good wines in the cellar. I haven't been to review the restaurant yet though.
A double costs around 85,000 pesos (us$160) a night.

Another boutique establishment, The Manoir Atkinson is around the corner at the end of Paseo Atkinson. Rooms are about the same price but I think the Gervasoni's a much better bet. The roof terrace in the Atkinson is pretty cool though.

Trumping them all for price is the Zero Hotel on Cerro Alegre. This place, on Valpo's most expensive street-Lautauro Rosas, opened just a few weeks ago. The house has been beautifully restored and decorated (not in the same original style like the Gervasoni though) and the views of the city and bay are pretty bleeding amazing. It has a whirlpool bath on the terrace. We met the manager went on a tour of the hotel. Mightily impressive. Mightily expensive as well for Valpo and Chile as a whole at around 140,000 pesos (us$270) a night for one of the 4 suites with views. Possibly worth it.]]> http://www.ivebeenthere.co.uk/tips/13494