What a great hotel!
The Hotel Portobelo definitely offers the best value of any hotel in downtown Guadalajara. It's located right between Avenida Juarez and Avenida Federalismo, two of the main arteries of the city and home to many of the most important historical monuments and shopping areas.
The rooms are spacious and clean with beds and dressers in each room. The reception staff is also highly attentive. The one drawback is that it can be quite noisy if you stay on the first couple floors due to the proximity to the street. But beyond that, it is a very good hotel to relax, either with family or with friends.