Hotel Poseidon is located perfectly, not on a busy street so you have to endure a lot of noise at night, but still only a 1-2 minute walk from Kungsportsavenyn and about 15 minutes from Liseberg. The staff was very welcoming, the room was fine and was offered at a reasonable price. The breakfast buffet was good and had a nice selection of bread, yogurt, cereals etc.
I'd recommend it if you're not looking for anything fancy but still wants a good, central stay for a good price!
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