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Hotel Villa Steno in Monterosso

I stayed in this property in Monterosso for three nights and it was one of the best hotels that I have ever stayed in! The staff was great, the room and the balcony were beautiful, and the hotel terrace was over the top! It's also one of the cheapest hotels that I ever stayed in during my travels in Europe. You do have to climb some steps to get to the hotel but it's well worth it. It's a beautiful place! I would never stay anywhere else in Cinque Terre!!

http://www.villasteno.com/

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I agree that this is a wonderful place to stay. Besides the owners being attentive and super helpful, everyone on staff is. Our first day was rainy. The Cinque Terre trail was closed for safety. We asked one of the breakfast staff what we could do for the day, and she easily reeled off several suggestions, including hiking up to the Capuchin Monastery, walking out to the Gaint's statue, and taking the train to other towns for lunch and sightseeing. We had a great day, despite the weather.
Our room with a balcony was great, but they have a terrace where you can sit even if you don't have a balcony. I would say it's more mid-range price-wise, but a great value. We would definitely go back.