My friends and I (5 guys, late '40s) have been making an annual trek to Austin for nearly 20 years. We've had the chance to stay in many great places during that time, almost always in and around S. Congress.
Highly recommend HOTELette. Of all the places we've stayed, this is easily the one with the best balances of location, amenities, and price. Literally steps away from all the S. Congress hotspots (and very accessible to the rest of the city), this is a great find for a group getaway.