The "best" hotel near Patpong would probably be the Dusit Thani, but it may be difficult to find a room for less than $120. The Banyan Tree at Sala Daeng and Sathorn is another great hotel, also within walking distance of Patpong. But I think it's even more expensive than the Dusit Thani.
The only hotel in the area I've stayed at is the Narai, which is about a 10 minute walk just down Silom from Patpong. The cheaper rooms aren't much to write home about, but they are relatively inexpensive, have the necessary amenities and I've always been happy with the hotel. Free breakfast buffet, GF (as long as you book a double), nice pool, good location, but a ton of tourists and families.
The Unico Grande Silom (inexpensive) and Sofitel Silom (expensive) are other options right by the Narai.