Not many visitors fly to Peru to actually STAY in Peru. It’s usually the jumping off point or ending point for trips to Macchu Piccu or anywhere in the Andes. That doesn’t mean it’s not a great place to spend a bit of time though.
I’m a big fan of the Miraflores Park Hotel. Located in the Miraflores neighborhood, it’s very high quality and upscale. While it runs about $175 a night, it’s money well spent.
Lower down the budget scale, you’ll have to switch neighborhoods. San Isidro is a nice neighborhood and I’ve heard good things about the Basadre Suites San Isidro ($100 a night or so). There is also a Sheraton San Isidro for < $100 that's fine quality as well. Other highly regarded names are Sonesta Posada del Inca El Olivar as well as the Swissotel where deals can sometimes be had on places like Hotels.com or Travelocity.
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You can stay in Miraflores and pay much less than that for a very cozy apartment. It can be US$31 per night in one BR or US$50 per noght in two bedrooms.
I was lucky to find these sites:
http://enchantingapt.all.at/
http://charmingapt.all.at/
http://mirafloresapt.all.at/
I had cable TV, DVD, free WI FI, full kitchen, iron, direct dial phone…