Hotel Phedra is basic but the location cannot be beat. It's 2 blocks up from Hadrian's Arch and about 3 blocks over from the Acropolis Metro station, in the Plaka overlooking a Byzantine church. You'll be able to see the Acropolis from your small patio. The rooms are small, but that's easy to overlook when you're in the middle of all the action on the Plaka.
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