Not willing to spend your entire budget on the hotel does not mean you have to stay at a dingy hostel or even lower your standards at all. There are plenty of very reasonable no-fuss hotels in Munich and most of them are located within a ten minute walk of the old town.
Berliner Strasse 93
Modern Marriott in Munich...
Feldbergstrasse, nr. 2
A home away from home...
Elisabethstrasse 87
Great for meeting people...
Laemmerstr. 6
Relax on a quiet side street in the heart of the city...
Schwanthalerstr. 15
By Munich's oldest theatre...
Schwanthalerstr. 111
Close to city center...
Paul-heyse-str. 24
Relax 200 meters from the Oktoberfest site...
Bayerstraße 95
Ludwigsvorstadt
For anyone and everyone...