Hotel Zeus

Between the bus terminal and the train station, this middle-of-the-road hotel offers several different room types (one can stay there for as little as $9/night), has a parking area, cable TV, a decent restaurant, and is quite close to the best restaurant in Riobamba, a place called Luigi's, owned by a chef who cooked in the Hamptons for 10 years or so.  The Hotel Zeus is also centrally located and it is a short walk to several local landmarks, including the market on Carabobo Street, which is a must-see.