I stayed at Aloha Hotel for a total of 7 days in Oct./Nov, 2017. My first consideration when looking for a hotel in this area was to be close to Metrocentro and the UCA bus station. Well, I didn't use the bus station even once, but Metrocentro became my daily evening hangout while I was in Managua, due to a vibrant presence of people at all times, and a diversity of shopping and restaurants.
My week at Aloha ended up being much more than just a room to sleep. As it is a small hotel, I received personalized attention, being asked every morning how I wanted my omelette prepared, if I had slept well, if there was something that the hotel could do to make my stay more pleasant, etc.
The greatest asset of this hotel is the staff. Without exception, all the ladies who work there were VERY polite, hard working, and performed their duties with pride.
Even though the hotel is close to main streets, it's very quiet, being in a dead-end residential street. Every morning, I just had to walk one block to the Consulate of Costa Rica, and take one of the many inexpensive taxis waiting for passengers, to go where I wanted to.
I recommend Aloha Hotel as a good budget option in Central Managua.