Major attractions like Plaza del Toro and Avenida Tulum are located here, as well as plenty of popular bars and nightclubs that cater both to locals and tourists.
And yes, there are hotels located in El Centro. While you may not have those wonderful waterfront views, rates are considerably lower than in the Zona Hotelera. Oasis America and Radisson Hotel Hacienda Cancun are both located in El Centro, leaving it easy for you to explore Cancun right outside your doorstep.
Click here for a full list of hotels near El Centro.