The Panorama used to be called the Voros Csillag (Red Star) during the communist regime. Despite the name, it was always a comfy hotel, with an excellent location in the Buda hills. In addition to the hotel, the grounds also house around 70 Scandinavian style bungalows in a 2 acre park. I've stayed here around half a dozen times over the years, both in the hotel (which resembles a hunting lodge) and the bungalows. Both are fine, though the bungalows can be a bit stuffy when the weather is really hot. However, there is a heated swimming pool in the grounds in which to cool off.
Don't be put off by the fact the hotel is away from the town centre, as you can travel down each morning on either the Childrens railway (see seperate entry) or the Cogwell railway which is part of the City transport system. The 56 tram stops at the terminus of both railways and will whisk you to Moszkva Ter and its tram/metro connections.
The buffet breakfast that is normally included in the room price is substantial and the hotel also has a good first class restaurant serving Hungarian and international cuisine. The outdoor terrace is a nice place to enjoy dinner and as it gets dark, you can gaze down on the shimmering lights of Budapest.