My Lonely Planet Guide mentions several economical hotels near there on Avenida Cinco de Mayo. A monster size Mexican flag flies in the center. The entire northern side is taken up with the Metropolitan Cathedral, perceptibly leaning this way and that, and on the east side is the National Palace and entrance underground to the metro station. The trains are rubber-wheeled, long, crowded, fast and zoom by every 30 seconds or so. The 135 metro stations are modern, often with shopping malls.
Taxis are plentiful and inexpensive, especially the VW beetles.
The net result is that Mexico City, although huge, is easy to get around in. Most are located in the plush Chapultepec and Polanco areas, requiring inspired metro and taxi excursions. This is the best place to get visas for Central American countries, if need be. He rebuilt the city as the Spanish capital of the New World. The foundations of the Great Pyramid are preserved in the block adjacent to the Cathedral.