Got a couple of friends over next week from the states, they want to spend a night in Zurich in a hotel near where the entertainment is, no, not that, restaurants, interesting places to visit for an american, having never stayed in a hotel in zurich I have no idea, they aren't rich so $700 per night is out cheap and cheerful and available on monday
The Ibis hotel chain is basic and cheap. There are one or two in/near downtown Zurich for about 100 per night. Not Bahnhofstrasse but a train stop or two from there and everything is convienent.
Hotel Arlette is cheap and cheerful and handy for the train station (it's just back of Central). We stayed there a few times Before Kids. OK it's not actually in a nightlife district but honestly Zürich's not huge, stay somewhere reasonably central and you can easily get to whatever takes your fancy.
There's an Ibis in Züriwest by the Technopark (a couple of other cheaper business hotels there too) that I have suggested to friends in the past. It looks quite a way out from the centre but tram 4 stops outside and there's plenty of great restaurants in the area.
Also take a look at the 25 Hour hotels in that area and at Langstrasse.
We went to Zurich to see Elvis Costello about 3 years ago. OH booked a cheap and cheerful place called the Rothause, only thing was he never checked the location and it was on the edge of a red light area with porn cinemas, transexual prostitutes and drug dealers. All during the night we had police sirens and hookers and drug dealers arguing and fighting. We lived opposite the corner of the infamous Webergasse in Kleinbasel, but believe me this was worse
I know you said they're not rich, but the Bellerive au Lac is on offer at CHF 277 for a city view room. Anyway, just a few options in price order (because I'm anal like that )
The Hotels.com site has 8% off at the moment with this code: SPLASH8 and 8% off until the end of the year with this code: CLP8UKOFF Just enter it on the payment page, but be aware that not all hotels accept it. Just looking on their site for a double on Monday night using the SPLASH8 code:
Steinberger Bellerive au Lac, Seefeld - CHF 277.43
Hotel Scheuble, Old Town - CHF 275.01 BB
25 Hours - CHF 243.17 RO
Boutique Hotel Ni-Mo, Seefeld - CHF 219.64
The newly opened Citizen M Hotel on Talaker - CHF 211.72 RO
Hotel Old Town - CHF 193.80 BB
Crowne Plaza - CHF 178 BB code not allowed
iQ130 Hotel (not guest house) - CHF 135 RO code not allowed
As a general suggestion I would recommend to check Hotel Limmathof in a very central position... sometimes it has very cheap prices.
To me it is my first recommendation for guests, it's very clean and once I got the room facing the Polybahn!!! However, I would not recommend it for people used to US standards. The rooms are small and without AC, and there is no included breakfast - there's a restaurant at first floor but it's a separate business.
I can also recommend Hotel Coronado: http://coronado.hotels-zurich.org/it/ that's more high standard, it's not on the Limmat but it has a quiet park and several tram lines just in front of it, one can reach "the life" in a very short time.
A bit late, but Motel One in Zurich is a great option. The hotel is new and modern and on Stockerstrasse so within walking distance to Paradeplatz and the lake. Rates start from 139CHF per night.
For Monday night they're showing CHF 189 room only or CHF 225 with breakfast on their website. They've closed out availability on all the 3rd party booking sites which is a good indication that they only have a handful of rooms left to sell.
which is why I gave both options, and it is the total for two people so CHF18 each. Personally, I'd nip to a Migros cafe or take-out, or just grab a gipfeli and coffee.