We stayed at Paragon Hotel for a few days in February. It was generally ok, the location was good and the price was right, but there were some major issues while we were there and I think you can find better options nearby.
If you want one, make sure you ask for a room with a window, as most of the rooms don't have one. There are rooms with private balcony, but it's extra, and we thought that the common/shared balcony over the river was sufficient. That balcony is nice, but otherwise the hotel is nothing special. We paid $23 USD for a window room.

The first problem we had was with reservations. I emailed with Paragon about 3 times and believed I had a confirmed reservation. I emailed again the day before to super-confirm, and didn't get any response. So I called. They had absolutely no record of my reservation and had no idea who I was. I was livid. The still had rooms available so made a new reservation for us. I was not happy and wanted to stay at another hotel, but the other places we had been considering were all booked up by this time. (This is also why we never moved while in Phnom Penh - the places we wanted to move to were full.)

Once we arrived, check in was quick, although not the usual friendly standard we were used to in Laos and Cambodia. Room was okay, but not great. We soon discovered there was no water! We mentioned this to front desk and they said that it would be on in about half an hour, but moved us to another room. No water in that room either, but we didn't want to move back. We waited and waited and waited for water, but never got any until AFTER 9pm. We had been on a very long bus ride so the inability to shower did not impress. I was particularly annoyed because the hotel clearly knew they had no water when we checked in, but didn't say anything.

Worst was that at one point when I asked how long it would be until we had water, the guy at the front desk YELLED at me! This is extremely rude and bad behaviour in SEA and I was very taken aback.

Finally, the hotel advertises that they have wifi, but does not indicate that you have to pay for it. This surprised me as well, because most hotels in this price range that we stayed at provided wifi free if they had it.

I would not stay here again unless the better options were exhausted, which is possible, as Phnom Penh seems to have a shortage of good budget accommodation. Check out other hotels rated higher on TripAdvisor.

Stayed here for a few nights on arriving in Cambodia. I had a room at the front, with a balcony. in front of the hotel is a busy city road that runs along the river. It is therefore quite noisy at times. However, its interesting to sit on the balcony and watch the street life! Expect a pleasant but basic 2 star hotel. I found it basic, safe, clean and comfortable. There was hot water available at all times.

Moved here from the golden mekong hotel as it was much better location and much cleaner. Although my room didnt have a balcony there was one just outside the room. Staff were helpful and even kept the room for me without taking a deposit.

Definitely recommended for a good value stay in PP right in the middle of all the restaurants and easy walking to the sights of PP.

Good value for the money. Stayed in a room with riverview, AC and balcony (shared) for 33$. The room was nice and clean. Friendly staff. You stay at this place because of its great location right by the river. I stayed at the second floor and it was a little bit noisy because of the traffíc outside but if you stay at the upper floors it´s no problem.