I have visited Guayaquil several times in the past two years and have always stayed at the Hotel Continental. The rooms are large, comfortable, very clean and some have a lovely view of the Parque de Iguana and the Cathedral (which is beautifully lighted at night.) They have always been accomodating to me in terms of giving me the room with a view. The bell staff are very friendly and helpful.. They actually remember me each time I visit. The breakfast buffet (included with the room) is very good and fast, which is very handy when one has an early departure from the airport. The hotel is centrally located, only 5 minutes to the Malecon or shopping areas. It is pleasant to stroll in the park across the street. The bar and restaurant are highly rated with excellent food and service. The only negative I can think of is the unfriendly (almost) surly man who acts as cashier!
They have recently raised the rates a bit, but it is still a bargain compared with room rates in large city hotels in the USA.