Hotel the Holiday Home Reviews
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You get what you pay for and this hostel is very cheap. That said, the location is very good and the staff were really nice and helpful.
For the price, I don't think you can find a much better deal in Rishikesh. Me and a friend booked a double room that came with a private bath, two comfortable beds, free wifi, and even a tv. Location wise, it is about 10/15 minute walk from everything there is to see/do in Rishikesh.