In the center of Puebla, in the heart of the antique district, is the Mesones Sacristia de la Compania. It's a lovely boutique hotel housed in an 18th-century convent, an easy walk from the zocalo.
The hotel's common areas are decorated in bright Mexican style -- the exterior is electric blue, the interior courtyard restaurant Orange Crush orange -- and furnished with antiques. Cool green plants contrast with the bright glassed-in courtyard, and 18th-century religious artwork, colorful local Talavera pottery, wrought iron gateways, and carved and gilded doorframes make stepping into la Compania like stepping into a rainbow-colored museum.
The rooms themselves are more tranquil. I stayed in room 6, Pila Bautismal. It is large, though not palatial, with a vestibule, a balcony facing the quaint Callejon de Los Sapos, and 20-foot-high beamed cielings. The stucco walls are painted teal, with contrasting colors of warm peach and fuschia, and as with the common areas, the furnishings are antiques. Since the owners are antiques dealers in addition to hoteliers, you can buy nearly any piece in the hotel that takes your fancy.
The bathroom (shower only) is tiled with local tiles and contains everything you'll need for your stay -- slippers, toothpaste, shampoo, lotion, mouthwash, etc.
None of this, however, touches upon the real reason to stay at la Compania -- the staff. From the moment we arrived, they bent over backwards to help us, carrying bags, arranging for taxis, getting tickets to local museums, making dinner reservations, and providing suggestions about places to see. Those who spoke only Spanish were unfailingly patient with my minimal command of the language, and there are staff members who speak fluent English and French in addition to Spanish.
The rates are not cheap -- $150 US per night, breakfast included -- but are a good value for the quality of service you receive. To make staying at la Compania (or it's sister hotel, las Capuchinas) a real bargain, reserve a package, which includes many extras, including guided tours, dinner, classes (either cooking or pottery), and a welcome drink for $200 per night.
NB -- if you are a really light sleeper, you may want to bring earplugs, as the pedestrian mall off of the Callejon de los Sapos and (on the weekends) the musicians in the hotel courtyard can make for a festive, if noisy, evening. I brought earplugs with me and slept like a baby during my whole stay.