schooner (425-5222) is cheap on 3rd. Probably the cheapest hotel right on the boardwalk. I think non oceanfront rooms are 99, oceanfront are like 139 + tax or so. Used to work there a few years ago. It's not as nice as the hilton though (though i've never stayed at any of the hotels here since I live here). Kinda far to walk to the bars and shit, but the trolley stops down that way, and it's best if you DIDN'T drive anyway since parking fucking sucks everywhere.
make sure you call as early as you can for any hotel, you will be dicked come friday trying to find a room, and probably find prices jacked up higher due to nobody having rooms.
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