My girlfriend and I stayed at the Regent Hotel in Munich. I was very excited the deal they had for us. 79 euro a night in a 4 star hotel breakfast buffet included, great deal for a great location, just 300 meters from the train station. But the room was horrible, the bed sheets were two different colors and the sheets had holes in them. The bathroom door was coming apart at the bottom. Just not what we expected for a 4 star. So we changed rooms from the 5th floor to the 7th floor, the room was pretty much the same, then realized they gave us a non smoking room, so we changed rooms again, back to 5th floor and got the ultimate room, the window had nice big silver duct tape on it. Keeping one window completely shut, , and these sheets had holes in them also. There was even trash underneath the bed. And when we were leaving, the cleaning lady just barged right in without even knocking. I have been in 2 star hotels that have had cleaner and nicer rooms. At least the breakfast buffet was really good.

Not outstanding, but a pretty good value.

Location: The beginning of the city center is a five minute walk away. The main train station is literally across the street. Given how outstanding the public transportation is in Munich, this is a perk. I arrived in Munich by train, and there's something to be said for only having a one minute walk to get to your hotel. Train is also the best way to get to and from the airport. There's also a very good tourist company which gives walking tours of Munich which begins all of their tours at the station.

Hotel: The decor is dated, but they've done a reasonably good job keeping it clean. My single room was a bit unusual: extremely long a narrow; separate rooms for the shower and toilet -- both had a sink. The room was fairly large.

The buffet breakfast was pretty good with a large selection.

Bottom line: I would see what options there are in the city center, but I would have no problem staying at the Regent again.

We stayed in Regent hotel, Munich 21-24th of November 2007. We booked a suite at a reasonable price 119 euro / night with breakfast included.
The room was spacious with comfortable and clean beds. But no extras as you might expect from a 4 star hotel.
Maintenance of the room seemed at a very low level. A window frame was broken and mended/sealed with tape! Teared furniture, some with spots could have been fixed or replaced.
But the plus was the location and the breakfast. It is only a few steps from the central station and the underground station. City centre and the old town are within walking distance.
Overall we regard staying at Regent was good value for the money.

The best thing about this hotel is that it is a very short walk to the train station and within a reasonable walk to Marienplatz. Not terribly fancy but great if you're on a budget and aren't into hostels. One complaint is that our bathroom smelled like old urine. The smell was remedied (mostly) once our room had been cleaned and when (I believe) we kept the toilet lid shut. Nonetheless, the bed was very comfortable and we didn't have any noise problems. The front desk staff were super friendly and helpful. Also, there is a great Persian restaurant just down the street (past Shakespeare's I believe) on the same side of the street (Seidlstrasse). We paid about $125 USD (double room) for this room, which at the time was about 90 EU. I wouldn't recommend paying too much over that if you can help it. Overall not a bad experience.