The Masarykova Kolej Hotel is a quiet, clean and reasonably priced place to stay just out of the centre of Prague. I am a regular visitor to Prague and Dejvice is my favourite place to stay, out of the over-crowded centre but in easy walking distance of the castle district (if you are fairly fit, adventurous and have a map it is within walking distance of the centre too).
The Masarykova hotel exists primarily for lecturers visiting the technical college and does not offer as many tourist facilities as ordinary hotels, however if you are a confident and truly independent traveller it does offer peace and quiet, twin rooms, an excellent breakfast and a small beer hall in the basement. It is close to the final stop of the 119 airport bus and the terminus of the green line of the metro.
It can be tricky to get a room at the Masarykova especially if you are in a group and you are unlikely to meet up with other English speaking travellers - so if swapping travellers tales is your thing you need to go to a hostel. The student bar is open to hotel guests however and here you are more likely to fall into conversation with students from many nations.
I would suggest that the Masarykova best suits a more mature traveller seeking a sophisticated Czech experience rather than a bustling "party" atmosphere, it is in a great location and a pleasant base from which to explore Europe's most beautiful of capitals.
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