The Penta is the Regency Hotel's "budget" alternative. Its rates may be a bit cheaper but its hard to identify where the specifications drop. I think my room at the Penta had only a shower as opposed to bath/shower. Oh, yes, breakfast was continental self service only--there was no full English option.
The operating philosophy of the Penta is quite obviously the same as the Regency. Rooms are ridiculously well-specified, functional, modern, well lit, very clean, about 10 TV channels, absurdly comfy mattresses, and free (but pitifully slow)internet connection in your room.
The Penta has an excellent restaurant that serves adventurous modern dishes at resonable prices with a nice ambience to proceedings. Breakfast choice is limited to self-service cereal and toast, which you make yourself.
The hotel itself is about 150 meters along the prom from its sister hotel. A taxi from the airport will cost about £20. For a so-called "budget" hotel this may be the best I've stayed in.
Here's the website: click here.
Its location on the Queens Promenade is a pleasant one, with a direct view across onto the Douglas Beach. The only thing is that you can't help feeling that the Queens Prom as an attraction in its own right has had headier days. Many of the neighbouring buildings are in a sad state. In the winter the place can feel like the most wind-swept, desolate, last-place-on-earth you could imagine. Maybe that's all part of the residual charm of the island, and it does have charm, but you certainly don't go for the weather. I hear the League of Gentlemen feature film will be made there (seriously). Good choice boys ...