Just back from Prague - stayed at Seven Days Hotel just off Wenselas Square
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Its advertised as 4* - cost about 460 euros for three nights double B&B booking through hotelsclick.com. We had a huge room - there are attic rooms so we specified a large room when booking. There's a bar, which was handy for a quick drink but very quiet. We didn't use the whirlpool/sauna/fitness facilities. Breakfast was fine but nothing to write home about.
Probably the cleanest hotel I have stayed in for a long time - absolutely spotless, 2 mins walk to W Square and all amenities, so location is perfect and staff really friendly and helpful. They will arrange airport pickup and dropoff, tours and so on no problem. I would probably stay there again for convenience, price and location.
Just down the road turn right at the traffic lights where the sign points to Rocky O Reilly's Irish Pub (give that a miss!) and you will come to a great Italian Trattoria where a meal for two, including a couple of beers and cappucinos comes to less than 30 euros.
There's lots to do - classical concerts, jazz, opera, trips on the river and all the usual sights to see. With reference to taxi fares, all you do is call the taxi company and get a quote for your trip. The taxi driver must present you with the printout showing the agreed price, so no problem there. Enjoy!