I was a solo female backpacker for the first time in Rio de Janiro, everywhere was really expensive and I wanted to stay for a week.

Asking around I got to Catete station by Metro (only R$2.00 o/w), this is the Flamengo area (like 15 min away by metro from Copacabana, Leblon, etc) and the price difference was swell!! :)

Only R$60.00 (now in 2007 I check the Internet and it is 39 euros)
with a big breakfast and really close to the beach (1/2 block)

I went back a couple of times and always stay here.. it is clean, big windows, big bathrooms, hot water (not that you need hot water, but you sure need the shower...), and excelent reception service (to hook up a taxi to go see Corcovao, Sugar loaf (pao de acucar) , etc.)

I highly recomment id :)

Hotel Regina, Rio de Janeiro
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The hotel is located near Praia do Flamengo, Aterro do Flamengo, a park that possesses gardens designed by Roberto Burle Marx. We are a few minutes away from the most famous tourist sights of our city. The hotel is also close to several other attractions movie theaters, museums, Cecmlia Meireles Concert Hall, theaters, baroque churches, very good commerce and restaurants. We are 10 minutes away from Copacabana, 5 minutes away from downtown and Santos Dumont Airport and 15 minutes away from the municipal bus station.