I am traveling with 4 other people. We are students and really cannot afford to pay top-notch prices but do not want to stay in a gross, unsafe, or poorly located hotel. I am traveling with some very picky people too (its quite annoying). My top three criteria are to stay as close to the Acropolis as possible, to have working a/c, and to be safe. We will only be there for two days in July.

I stayed at La Plaka Hotel several years ago. I found it to be a good value and felt very safe. You didn't say exactly what your budget is, but La Plaka Hotel meets your other requirements. Check out the rates on their web page. Some rooms have a view of the Acropolis.

http://www.plakahotel.gr/

We were actually thinking of that hotel but I felt like 160 euros was a lot to pay for a room for three people. Am I wrong in thinking this?

It's been a few years since I was there last, so I'm not sure if there's anything better that meets your requirements. I hope someone else can answer that for you. Please do a search on this page for Athens and you will find some other threads on budget hotels.

Its not realistic to expect a budget price and a nice hotel in a great location and air conditioning. You're going to have to give on something. Just get the group together to decide what they're willing to compromise on.

I agree with NYTraveler on this and what I am about to say is an attempt to be helpful:

those "picky" people you are traveling with need to get hot and HELP plan this trip. You've tried your best now let time come up with some suggestions. Otherwise, you'll come away from this trip harboring a lot of resentment.

"Poorly located" in terms of hotels is a very subjective term...to get what you want you may find yourself walking a bit or taking public transport.

I'm inclined to agree with others, you cannot have everything.

This applies to all areas of travel, you cannot have a luxury property at budget prices. In you situation, I'd got for safety and a/c as a top priority, as for position, if it's near a metro stop and/or you don't mind walking, it's location becomes less important. I'm afraid I cannot advise any budget properties, not my sort of travel, but if you'd like advice on shopping and attractions, please feel free to ask.