Sleeping like a king or queen is possible, and not too expensive in Valletta. In the heart of Malta's capital you'll find palaces, like the Palazzo Prince d'Orange, a magnificent building once inhabited by nobles, that has now been restored and converted into a hotel. It's a luxury to sleep in the Palazzo Prince d'Orange. It has multiple apartments. I stayed in the Alexander Suite, which should not be called a 'suite', but the holy house. It features rooms with a balcony, bathroom with shower (and a towel heater!), and great little living room with sofas, armchairs, and TV, of course all very stylishly decorated.