Peniscola itself is classic Spanish beach-tourism territory, and so I didn't expect a lot, but this hotel, Mare Nostrum, turned out to offer the best value of any place I stayed on a 20-day car trip around Spain. True, it wasn't absolutely high season, but it was a warm and sunny Saturday in May; and for a mere 55 Euros I received a clean, bright, and spacious third-floor room with a balcony that provided a stunning view of both beach and fortified old town, simple continental breakfast included. I was even able to park for free on a nearby street; and the charming historical center is just a short walk away. Not all rooms have a view, of course, but it's well worth the modest extra cost to reserve one that does; and don't be put off by the one-star rating - this place would be fine at twice the price. In short, as the previous reviewer noted: a real find.
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