Cheap. Soviet hotel which has been well maintained and is still a pleasant place to stay. Quite an exception to the dozens of other Soviet hotels which are unbearably bad. Ask for a "Lux" room for an in-room toilet.
Antoine's Guest House
Fantastic design/decor, very "Armenian" while still being comfortable and modern. Excellent staff, beautiful garden.
A good, solid place to stay in southern Armenia. The rooms are about $30/night per person, and they offer decent food at the restaurant.