Here's a quick run down of possibilities...
For the ricky ricones out there then i'd suggest one of the following 3 boutique hotels:
-The Hotel Gervasoni. This hotel is probably one of the best private renovation jobs i've seen anywhere and is really well positioned at the end of the Paseo Gervasoni, next to the Lukas museum and the top of the Ascensor Turri/Concepcion all on Cerro Concepcion. The owners spent a small fortune restoring the old mansion and did a hell of a job. Original details were delicately recovered and pricey antiques dot the place alongside more modern touches. It has a great terrace with views of the port and bay for drinks (appalling slow service) and a restaurant below with some seriously good wines in the cellar. You can read my none-too-flattering review of the restaurant here. Also on the downside, they have a ridiculous booking system that has made us look elsewhere for friends and clients on two separate occasions.
And another edit to this post: The service for drinks or food on the terrace is nothing less than appalling. Three times I've been there with friends or clients and on every occasion it's taken absurd amounts of time to get our orders. The last time, it took them 40 minutes to bring a beer, a whisky, a coffee and a glass of champagne. And when it did arrive, the waiter spilled the champagne and took 10 minutes to bring another. Terribly, terribly shoddy. Management really needs to get a hold on things quickly or the place is going to get a reputation as bad as the Brighton.
A double costs around 85,000 pesos (us$160) a night.
-The Manoir Atkinson is around the corner at the end of Paseo Atkinson. Rooms are about the same price. The roof terrace in the Atkinson is really cool.
-Another great option is the Zero Hotel on Cerro Alegre. This place, on Valpo's most expensive street-Lautauro Rosas-opened in mid 2007. The house has been beautifully restored and decorated (not in the same original style like the Gervasoni though) and the views of the city and bay are pretty bleeding amazing. It has a jacuzzi on the terrace. And you can see my house. We know the management there and they run a really tight ship. Mightily impressive. Quite expensive as well for Valpo and Chile as a whole at around 140,000 pesos (us$270) a night for one of the 4 suites with views. Quite possibly worth it.
-At the top end is the Casa Higueras on Higueras, Cerro Alegre just up from the Ascensor Peral which also has a restaurant (i haven't been yet). Prices range from 140-180,000 pesos. The terrace is really cool and there's a swimming pool as well. Along with the Zero, it has a very good reputation amongst international travellers.
Mid-range for the wannabe rich or sensible spenders:
-The Hotel Ultramar is slightly cheaper than the aforementioned hotels. It's a bit further out of the way of all the fun, high up on Cerro Carcel but the views are simply spectacular and the hotel is really well run. From 30,000 to 90,000 pesos a room.
-Allegretto just scrapes in at mid-range. Just opened and run by the owner of the Allegretto Pizza place i reviewed a while ago, i haven't actually seen the inside of the place but it looks ok from the photos. 30,000 pesos a double and they have a dorm as well.
Low-range for people who think spending a fortune on accommodation is folly:
-There are a couple of hostels on Cerro Concepcion. The first is Hostal Pilcomayo on the corner of Pilcomayo and Templeman and the other is Casa Aventura which is on the corner of Urriola and Pasaje Galvez. No idea what they charge but i expect it'd be on the range of 5-8000 pesos per person for a dorm bed. You could also try the Hostal Morgan.
There are a few more hotels and many b&b's around, especially on Cerros Alegre and Concepcion. Those mentioned are just the ones that come to mind and/or that i've personally visited. I'll keep adding to this post as i remember and see more.
Hotels in Valparaiso Chile
Accommodation in Valparaiso Chile