I traveled here in Oct 09. We took a bus from Matamoras to Monterrey and then taxi to the Main Plaza area to look for a hotel. There are plenty of hotels so you do not need a reservation but don't let any taxi drivers take you to a hotel of their choice. I think they make a commission on bringing travelers in. Hotel Colonial we found while trolling the area. We paid 585 pesos each night=$44. usd. We had a wonderful room overlooking a cute park. This is right across a narrow street from Hotel Arnica, which cost twice as much. The bell hop was very friendly and spoke some english. We are working on improving our spanish. There is a computer in the lobby that you can use for free. I liked being able to check my email. The room had a king sized bed, 2 lovely windows and a adequate batrhoom. The entire hotel is a colonial style and very nice. Clean. The lobby was gorgeous and there was an area outside our room with a set of chairs with real leather seats. Looked all hand made. Really nice. When we left, the bell hop arranged for a taxi back to the bus station and he told us that Hotel Colonial is our home in Monterrey. Delightful. You will be pleased. It was easy to walk the plaza and see the monuments and museum. The Barrio Antigua is lovely with old building, lots of clubs and excellent dining. No swimming pool at Hotel Colonial but not many in any hotel in Monterrey. A visit to Monterrey is a visit to a city for sights not sitting around a pool.
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