We had 8 in our group when we stayed at the Halfway Lodge from December 27-29, 2011. My husband and I had a standard room with our own bathroom, but no hot water. If you want hot water, you have to get a more expensive room. The 6 others in our group were single guys so they stayed in a dorm room for 6. For budget travelers, you can't beat the prices here. The food in their restaurant is also very good. And, it's quiet, facing the terraces. The staff were very helpful and can book transportation to Batad or Sagada for you. We only trekked up to the waterfalls in Banaue so didn't need to rent a jeep. We also had our own vehicle so drove ourselves up to the View Point. There's parking for your vehicle in front of Halfway Lodge, too.
We liked the location of the Halfway Lodge because while it's close to the town proper, it's the last lodge on the road going down the hill and so is nice and quiet. It's only a few minutes' walk to the town, though. They also have a gift shop.