Hotels in Palenque Town [1] tend to be quite bare-bones, adequate for a night or two while visiting the area but not especially pleasant. The advantage is having easy access to the bus terminal and tour agencies, plus banks, Internet, and restaurants. In the northwest corner of town, a neighborhood called La Cañada has better lodging options in a more serene setting, but is somewhat less convenient thanks to a longish walk into town. (That may be improved, however, with a new shortcut that’s reportedly being built.)
There are also several pleasant mid- and high-end resorts on the road to the ruins [2], and a neighborhood called El Panchán, nestled in the forest, with eco-minded accommodations and a distinctly bohemian air. Getting back and forth to town can be somewhat inconvenient if you don’t have a car, especially at night after combi service ends; then again, the relaxing atmosphere may convince you there’s not much reason to go into town anyway.
Links:
[1] http://www.moon.com/destinations/chiapas/palenque/palenque-town/accommodations/town
[2] http://www.moon.com/destinations/chiapas/palenque/palenque-town/accommodations/near-the-ruins