We stayed at the Venus hotel in Luxor in October 2012. We had a triple air-conditioned room with private bathroom, including breakfast, for 80EP (for the two of us, not each.) The hotel is situated in the centre of Luxor, in the next street to the local main souk.
The hotel was being transferred to new ownership while we were there and they have bought new sheets, blankets and towels for every room and are in the process of upgrading the breakfast menu.
Yes, it's noisy outside, but to be quite honest, we just shuttered the wooden window blinds on the outside of the glass windows and we then heard nothing except the quiet-ish air-conditioning in our room.
The staff at the Venus hotel are very friendly and they were always ready and willing to take the extra time to make sure our stay there was enjoyable. We have stayed in two hotels in Luxor in past times but have found the Venus to be the most to our liking.
The Venus also offers day trips to the Valley of the Kings and other sites and they have a taxi driver on-hand to help visitors to plan their itinerary, which we found very helpful when we planned our day-trip visit to the temples of Abydos and Dendara by air-conditioned taxi.
I recommend the Venus hotel to all individual travellers. Their rooms and good and their prices are inexpensive.