From a tariff point , this hotel can be in the called a mid range hotel. But in Hampi's standards this is easily an upscale hotel.
This is a state run (KSTDC) hotel in Hampi. The many hotels available around the Hampi village are either those budget lodges (guesthouses) with very basic backpackers type accommodation.
Most of the regular hotels are in Hospet town, that's about 13km away from the core area of Hampi.
In that way Hotel Mayura Bhuvaneshwari is a decent choice, especially if you are traveling with family and looking for a decent place at a reasonable budget, closer to Hampi. While those backpackers' guesthouses are on the Hampi Bazaar area, Hotel Mayura Bhuvaneshwari is in Kamalapur. This is about 4km before the Hampi village. If you are traveling by bus, get down at Kamalapura Bus Stand. The Hotel is just around the junction.
From the hotel you can easily walk to the Royal Center area of Hampi. A little towards the village square is the Archeological Museum. But you need to hire an auto-rickshaw/moped/bicycle for the rest of the sight seeing. The hotel reception can arrange auto-rickshaw for a day trip. Of course you can do it on your own also.
A great thing about Hotel Mayura Bhuvaneshwari is its spacious compound (apart the availability of chilled beer!). If you are traveling by car/bike, you can safely park it in the hotel compound especially in the night. That's not the case with many smaller lodges in the Hampi Bazaar area, where you've to park in the public parking lot which is usually a bit away from the lodges (motor vehicle not permitted in the Hampi Bazaar area).
There is an attached restaurant that also serves beer (Kamalapura is outside the religious core are of Hampi). Room tariffs are in the range of Rs400/USD9 (non AC dormitory type) to Rs3000/ USD140 for upscale the Presidential Suite. The hotel have many types of AC and non AC accommodations in between these two types.
Another plus for Hotel Mayura Bhuvaneshwari is you can book the room in advance online. Being one of those Karnataka State Tourism Development Corporation (KSTDC) owned hotels, use the KSTDC online reservation portal to check availability and book ( www.karnatakaholidays.net ).
Yes you can book Mayura Bhuvaneshwari through other hotel booking portals too (like traveladvisor.in, yatra.com, makemytrip etc).
See also: Hotels and Lodges in Hampi for other accommodation options in and around Hampi.
The relatively new Clark Inn is another upscale hotel option in Kamalapura.
Virupapur Gaddi Guesthouses
You need to get on a coracle/local boat to reach Virupapur Gaddi. That's a good introduction to this backpacker hideout in Hampi.