Here you can find a list of Hotels in Montpellier:
http://www.lupm.univ-montp2.fr/spip.php?article237
A couple of less expensive Hotels are:
Hotel des Etuves: http://www.montpellier-hotel.com/
Hotel Majestic: http://www.hotelmajestic.hostel.com/
Hotel de la Comedie: http://www.hotel-montpellier-comedie.com/
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