We stayed at Pyramid for two nights this February and found it to be a really good option, especially for the price. The hotel is basic, but they clearly put a lot of care into it and the staff is very accomodating and willing to set-up any kind of tour or transfer you might need.
The rooms all have A/C and a fan. The bed was large and comfortable as was the bathroom.
The hotel is located outside of the more touristy part of Stone Town, although it's still pretty close, only a five minute walk from the Big Tree, although it can be quite desolate at night and it is more maze like than other parts of town.
One tip, the room rates are in dollars, but if you want to pay in shilling, their exchange rate is lousy. When we were there, every hotel and restaurant was 1500 shilling to the dollar, but Pyramid charged 1700, so if you can pay in USD, you'll be better off.
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