This is a very good question. And something I find a mystery - why isn't there a hotel in NOB HILL, where everyone wants to be? Why my spouse and I would occasionally book a room for a night out of drinking in Nob Hill, as opposed to the $100 taxi ride to/from our house, if there was one to get, but we have found Parq Central to be the closest acceptable place and since it's not walking distance from Nob Hill we just stay home.
When you've had enough to drink, use the free taxi service home, 242-RIDE. Of course you'll tip the driver both ways.
I've always assumed they will take one home from the bar, but not take you TO the bar.
Here's what I found from a quick search: http://www.itsatrip.org/newmexico/4822-1/studios-nob-hill/default.aspx
There are other maybe borderlline flea bag places, but Nob Hill does have a few hotels right on Central
Last time I checked these places out there was a 3 night minimum, but maybe that's changed.
How nice (or not) is the Hiway House at Central and Bryn Mawr? It doesn't look fancy by any stretch, but it seems well kept-up, supports a successful restaurant, and is right in the heart of Nob Hill. Has anyone checked it out? The photos on their website (and the fact they have a website at all, let alone a halfway-decent one) make it seem like it might be pretty close to what you're looking for.
I have friends who've stayed at the University Lodge (Central/Solano) and the motel across the street from the Parq Central and while both trended towards the fleabag end of the spectrum it didn't sound like either of them was particularly sketchy.
One of my many Albuquerque hit-the-lottery fantasies would be to take the old Bachechi compound (the mysterious walled enclosure with the big trees at Silver and Wellesley, across from Limonata) and convert it to a boutique hotel. It appears to have several outbuildings and guest houses and could be an awesome small hotel/big B&B.
I have always wondered about that place. Does anyone live there now? It would make a great hotel--but keep that wall!
I think it's still occupied as rentals...there are mailboxes and I've seen people going in and out. No idea what the big house looks like, or whether there's still a pool, but the mystery is half the fun.
The wall is a definite keeper, for the same reason!
Here is what the city's Nob Hill Walking Tour brochure (the only information I've ever read about it) says about the compound:
200-208 Wellesley SE, the Bachechi Compound.
This Spanish-Pueblo Revival style compound is hidden
behind a wall on Wellesley, but is partially visible from
the alley between Tulane and Wellesley. It’s composed
of a main house, with a pool and pool house, a gardeners’
shed and three other residential units. A barn
behind the pool house was occupied in the late
twenties by Carl VanHossler, an artist that the
Bachechi family brought from Germany to paint the
Kimo Theater. The Bachechi family owned the Kimo
Theater in downtown Albuquerque until 1968 when it
was sold to the City of Albuquerque. They occupied
this compound between 1934 and 1959.