There is a vast selection of hotels and alternative accommodation possibilities in Lima to choose from, and you'll surely be able to find something that also suits your budget. Hotel room prices in one of the major brands are not much different from anywhere in the world, and you can easily spend anywhere from $150 to $300 a night (or even more).
The Bed & Breakfast establishments or Guesthouses (some of them in beautiful old colonial houses) charm with a much more personal touch and prices vary on the level of comfort offered. If it comes down to a tight budget, you can consider one of the many Hostels in the Peruvian capital. As the traffic in the city is terrible, choose your favourite accommodation close to your desired activities to avoid unnecessary hassle.
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In loving memory of "Jack" & "Lola"