Budget
Royal Guesthouse
Popular, Lonely Planet "Our Pick". This place does fill up pretty quickly, so if you want to be sure - place a reservation before arriving in Mandalay. Cheaper rooms have fan and shared bathroom Double rate as of August 15th 2012 US$14, single rate $9 - more expensive have aircon and attached bathroom Double rate as of August 15th 2012 US$19. The aircon is on the government grid and so will go down during common blackouts. Friendly staff, and close to the Royal Palace. Bike rental 1500k per day, negotiable available across the road.
AD1 Hotel
Great place to stay! Central location in the heart of Zeygo market. Rooftop is something special. Rooms are tacky and bathrooms dated but the price is right. $15USD Double rate as of March 4 2012
Most budget guesthouses are located around 25th Street, between 81st and 84th Streets. There are many more than those listed here.
Peacock Lodge
Terrific homestay B&B, with very friendly family staff. A little bit out of the centre, also has a bike rental.
Midrange
Sedona Mandalay
A Singaporean-owned hotel built blending traditional Burmese and modern architecture that faces the Royal Palace and Mandalay Hill
Mandalay Hill Resort
An 8-storey hotel located at the foot of Mandalay Hill.
Mandalay has several tourist-friendly accommodations. Many hotels face the Royal Palace.
Zegyo Hotel
Great location, clean rooms.