LaCordillera is on the opposite side of downtown from the airport but they have a friendly staff, the rooms are clean, and the area is quiet. Their posted price of $55 a night for one person (a little extra for two) is a good deal.
Gran Hotel Sula is reported to be nice (and expensive) but is in downtown SPS so plan a little extra time if you're heading to the airport for a flight out.
Microtel (near the airport) has a restaurant on premesis and a reliable taxi service they can call if you need a ride somewhere. It has been reported in the past though their website isn't reliable for availability so call (559-0300) for actual availability and pricing. They've been known occasionally to gouge tourists so make sure you nail down a price in advance before giving them your credit card. Note also Honduran residents get a price break so tell them you're one if that applies!