St. Moritz Lodge in Aspen is an oasis for hostel-minded travelers. Truth be told, this isn't so much a hostel as it is a compound of condos/hotel rooms/and communal-hostel-style rooms.
St. Moritz is located on the west edge of town, but still within a couple blocks from the action, and roughly fifteen minutes (in ski boots) from the Silver Queen Gondola. The bus system in town is tremendous, and you may, in fact, walk two blocks to the free bus line to Aspen Mountain, or points beyond (seemingly, all of them). The staff are extremely friendly, and ready to go well out of their way to help you with your stay, not only around the property, but around Aspen as well.
Rooms and Bathrooms
The modestly priced (for Aspen, anyway) hostel rooms come in a three-bed variety (two beds, one with a bunk, and a fridge!) and are very, very nice. There is a communal bathroom/shower (one for boys, another for girls) midway down the hall. The bathrooms are clean, but the shower could use a little bleach -- it's nothing immediately gross.
Right around 4 p.m., when the lifts close in Aspen, the front desk busts out with a little happy hour. This is perhaps the coolest perk we've ever seen -- there's complimentary white wine, rum, and cookies in the lobby. At about the same time, the pool and sauna opens. St. Moritz contains one of the largest hot tubs in town; it is an outdoor area of awesomeness, and while the jets aren't too potent, the heat is just right. In the sauna, there is an "extreme room," and it'll quite literally take your breath away. The scene here is largely wealthier travelers from abroad.
For the cheapest room in Aspen (we've looked pretty hard, and this was the best we could find) -- it's a major, seriously deadly steal. You get a world-class property for twice the rate of your average hostel (this is Aspen, after all). Despite a few misgivings (mainly in some dealings with the staff), we are extremely pleased with our experience here.