Slumbdog Hotel
Let's not dwell on the location, which does not seem safe. The neighborhood is a mix of (some) recognizable chain stores and vacant small businesses which often are protected by metal bars. The unfortunate thing is that this hotel is not even fit to be in this marginal neighborhood. 
The initial impression is bad, from small lobby with a plastic-glass protector for the one-person staff. Then you take a dated elevator, with at least the second floor dark and unsettling. The rooms are very poor, with low quality mattresses. Our mattress had stains on it, though to be fair the linens appeared to have been washed. The bathroom had a horrible smell in it, which is possibly why the window was left open, even though it was a hot August day. The carpet is also worn with stains, and I could hear what appeared to be a party early afternoon after my check in.
So while this hotel is in a serviceable location which is close to all that is good in Hollywood, it is simply not worth the small savings to stay here. It does not feel safe, or comfortable, or right in this place. If you do, you may end up what I had to do, check out and loose the money for both this hotel, while booking another one for the same night.
And there was no attempt to fix the problem, and no refund issued even though I checked out immediately after seeing the place. Most hotels let you cancel up to the day of the reservation, but this one requires cancellation the day prior (before you see the property). Hmmm. Hollywood movies are fun to watch, but at this hotel you will feel like you're in Pulp Fiction.