I stayed at the Hotel Claris 2 years ago and was quite happy there. Located in the Vinhrady, it was one metro stop from Wenceslas Square. It was reasonably priced, in a residential neighborhood, and the staff spoke English. A fine breakfast as well! http://www.hotel-claris.cz/en/ Have fun!

Thanks everyone. Looks like I only get an evening in Prague now but will heed 'travelots' advice and not try to see too much. U Medvidku sounds like a great place to unwind and soak in as much Czech as I can only with the Old Town Square and maybe the bridge.

If only I was independently wealthy and able to travel forever.