I dunno how cheap Russell Square hotels are anymore. Two trips ago I stayed at the Academy, on Gower Street, and quite liked it, but when I emailed to reserve a room with a bathtub for the latest trip, they told me they were remodeling and getting rid of all their tubs. Fooey on them, but anyway I don't know what they cost. (We wound up renting a flat via HomeAway.) Great neighborhood to stay in, though -- so close to the British Museum, and such an easy walk to the National Gallery and the West End. Plus, if you're at all a foodie, the restaurant choice around there is wonderful, ranging from light on the wallet to OH MY GOD.