Monaco has a small selection of hotels with many of them being in the uber-luxurious category. One or two budget options do exist, but you may need to nip over the border to France to find something which offers better value for money.
Monte-Carlo Beach Hotel, Roquebrune-Cap-Martin
The Monte-Carlo Beach has been entirely redesigned to offer a decidedly modern experience, blending the atmosphere of the Jazz Age on the Riviera with the intimacy of a luxury residence, and the most contemporary interior decor with the soul of a timeless luxury hotel.