I am thinking of staying here and have read both good and bad reviews on tripadvisor. I'm on a tight budget so my main concerns are price and location (heard you could hike it to both the Vatican and Colosseum area from here) but don't want to stay in an un-safe, complete dump either. Does anyone have any experience with this hotel? Or can offer an alternative?

Navona can't be beaten for location, between Pantheon and Piazza Navona, a very safe area bang in the middle of the historical centre of Rome with lots of tourists and locals. Ideally situated for walking to the Vatican and Colosseum, Spanish Steps, Trevi, etc. It is certainly a safe and quietish (the walls and doors are not very thick) hotel in an old block (not purpose-built)without restaurant nor top of the range facilities. I always stay in this area, and would stay at the Navona again, but have done better for a few euros more using www.venere.com

We just spent three nights at the Hotel Navona. It is probably the safest area, close to the Italian Parliment, there are many police, some with automatic weapons.
I liked the hotel, it is somewhat basic
but nice and a good value. Very close to the Pantheon and Piazza it is an easy walk to almost anywhere. We did take a cab to the Vatican. Breakfast is typical, coffee and rolls. The staff was very accomodating and there is no curfew. The shower had the best water pressure in the 10 days we were in Italy. It is also in an historic building from the 14th century. I would definately stay there again.

You will have an easy walk to Tre Scalini, where you can have a wonderful ice-cream concoction called a tartuffo.

http://www.hotelnavona.com/

It's an amazing location, and actually looks quite nice for the rates. Have tried to book twice and found them full both times. For a bit more, you can stay in their sister propery, the Residenza Zanardelli, (same website) which has slightly more upscale decor.

I don't have any experience with your hotel, but I can offer a possible alternative. Have you considered renting an apt. while you're in Rome? If you're traveling with at least one other person, it might be comparable or cheaper than a hotel. I've booked with www.sleepinitaly.com after reading reviews on here and www.slowtravelers.com. Besides, Sleep in Italy, there are a few more apt. rental agencies that offer apts. in the Piazza Navona area. Just do a search for apt. rental and Rome. Good luck!