If you're in searching for a cheap hotel in Puerto Vallarta, you should also consider Hotel Azteca in Viejo Vallarta (Romantic Zone).
It is comfortable and clean and well located, close to the most active area in Puerto Vallarta (Old Vallarta or Viejo Vallarta), where most the fun is on and it will not cost a lot. This way you'll have more to spend on entertainment and eating out and there are innumerable options within a few blocks around.
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It's much better to have things at hand, if you're not staying in a boring all-inclusive, you don't stay much at the hotel, you're out having fun.
Francisco I. Madero 440, Puerto Vallarta.