Cheap Hotels Prague

It's been a couple of week since I did my research on what the cheapest places to stay are in Prague and I did not come to a conclusion really. But let's see we have the Old Prague hostel where my good friend Gabe stayed last April I think it was. He had a pretty dame good time there in Prague and I just wanted to leave right then but was sadly broke at the time. Now I am working, I do have a job in London, but guess what, no holidays to book my trip to Prague. I think Prague became a really popular place for short term holidaymakers in the last couple of years. All the flights I looked up on Easyjet and Ryanair are at least 150 to 180 pounds alltogether for any weekend this month. It's a pitty but it seems if I want to do this trip this summer I would need to reach a bit deeper into my budget traveller pockets. Fortunatly I did agree with my mate from the USA that there are a lot of cheap hotels in Prague where its easy to get a room for 40 Euro a night and staying right next to the Wenzelas Square or whatever the central attractions are. Well, let's be honest who wants to go to Prague for a weekend trip and then depend on public transport to commute from the hotel to where the nightlife action is going on?! nobody of course.