On prior trips this year, we stayed at the Courtyard (OK), the Inn at Loretto (lovely but expensive) and we found the Hilton, while not the best hotel we've stayed at, to be a great value overall.
First, it's very close to the Plaza (no, it's not "on" the Plaza - sorry!) - maybe a block or two further than Loretto (but still in town) - and half the price. It has some SW flavor, whereas Loretto had tons, but at 1/2 the price I didn't care. The rooms were big and well furnished (Loretto's had character, like a Kiva fireplace, but again, you pay a lot for that).
And, the fireplace in the lobby of the Hilton was really wonderful (in December).
Note that they charge for parking (1/2 off if you're an HOnors member) and for in room wifi (again, unless you're an Honors member)

We arrived on a very cold afternoon and were greeted by a roaring fire in the lobby, and a friendly and helpful desk attendant. The location of the property is convenient to the Plaza area in Santa Fe. We enjoyed dinner at The Blue Corn Cafe, just up the street on San Francisco Ave. The beds were comfortable and the pillows were perfect - not too soft and not too firm. My husband and daughter said the hot tub was perfect and there was a fireplace in the pool area. We enjoyed our stay and would definitely stay again.

On a business trip, I stayed at this hotel for one night. First the positives: the hotel is located in a very central location and close to shops and the historic downtown plaza. The lobby is very cozy and clean. I usually don't like to hang around the lobby that long but after walking outside for a while I couldn't resist sitting by the fireplace in the lobby for a while, warm myself and people watch. The hotel staff are very courteous and helpful. The room was clean and nicely furnished. The bathroom was very modern and well-stocked. I had a room with a view of the pool which at first worried me because I don't like to bothered by the pool noise but the pool was frozen over so I didn't have to worry about anything. The TV channel selection is adequate, nothing to brag about.
Now the Negatives: Throughout the night there was a noise that sounded like someone was vacuuming the hallway. It was like a constant annoying hum. At first I thought it might be from the air conditioning but even when I turned that off, it persisted. If I was staying longer than one night I would have asked for another room but for one night I decided it wasn't worth the hassle. Another thing that I wasn't very impressed with was the hotel's restaurant. The food was average at best. I also would have liked a "southwestern" themed menu but it was your run of the mill restaurant list of American foods.

We enjoyed our 5 day stay at the hilton on the Plaza - It is 2 blocks walking to the Plaza - Perfect location. 3rd floor mountain views - great. The Beds are a little small doubles - it was 2 adults and 2 kids and it was tight but the room was more spacious than normal. The bathroom was a very nice size. I do not normally like Breakfast Buffets BUT theirs was the best and amazing Buffet - Concrete walls so no noise between rooms - thank goodness with my boys...lol
Frontdesk was a hit or miss with helpfulness. Dissappointed that they didn't have any festivities for families for NYE but We would return!