The 'nicer' hotels in Phrae seem to be out of town or away from the interesting central part. Thepvong is centrally located, close to interesting markets, within walking distance of the Pratu Chai area with it's great array of street vendors in the night market.
The hotel is run by a very nice family. WiFi is everywhere, for free (Hilton Hotels take note). And the hotel has a nice restaurant as well. The A/C is strong, the neighborhood very quiet.
The place is on a soi off a main street and you really have to pay attention to the signs to get there! I'd have no problem recommending the Thepvong to friends.More