This lake counts over 100 hotels in 12 villages. On a budget you can hop from one to the other town for two to three Euros in general (by boat) and 4 Euros gets you a good hotel to sleep, many times with a beautiful view and options to have a cheap breakfast, lunch or dinner. On a more comfortable budget, let say 30 to 50 Euros, you have access not only heavenly views but will be surrounded by luxury. It really is not necessary to spend money to have fun and enjoy yourself in Panajachel at Lake Atitlan but experiencing the evening sunset or early sunrise within the convenience of a good restaurant, room-balcony or a warm bath brings travelling to Panajachel at Lake Atitlan to a comfortable experience.
In Panajachel itself, on the shoreline, you find Hotel Atitlan, Posada Don Rodrigo, Porta del Lago, Hotel San Buenaventura and others situated close to the lake. All of these option are worth considering and the services they provide are satisfactory. Posada Los Encuentros provides confortable lodging from a central location near the new Friendship bridge and in Yucanya you find the safe and secure budget Hotel El Sol, with it's fine Japanese restaurant and thermal hot-bath. Uptown Panajachel counts various cheaper options for travellers and Hotel Villa Lupita, close to the catholic church, is one we advice to check out.
A complete hotel list for the Lake Atitlan area can be found here.