I did reserve 4 nights at the hotel Tower House Suites in Panama city through Orbitz and got the rate of 38 dollars per night December 20 to 23 inclusive.
The hotel is centrally located on Calle 51 on the same side of famous restaurant TINAJAS ( 50 steps from ) and very close ( 150 steps ) to the Executivo Hotel, you are really in the thick of where business and tourism life is.
But, the hotel itself offers a spartan breakfast ( 2 eggs with 2 white toasts, jam, juice and coffee) ; the room is quite large with a separate sitting area, a double size bed and a single in the sitting area separate from the bedroom.
Furniture is rather old . Not exciting but good value for money in comparison to other hotels in the same area.
for night clubbers and disco people , you are only 2 blocks from Uruguay street ( 5 minutes walk)