lodging in Montreux

We stayed at Hotel Masson in Montreux. Very nice hotel but not sure if it is reasonable--more than we wanted to pay but location was great--walking distance to Chateau Chillon and the lakeside walk. There is a good bus system in Montreux. This is not a town for a budget visit--but the hostel there looked quite nice--located right on the lake and lots of young people swimming in the chilly water in late May.