An affordable option
It's difficult to find a hotel in Colaba without tearing your hair out, as you'll be accosted by PR types looking to earn a commission. Therefore, I strongly recommend this place to anyone on a modest budget. It's clean, with shared bathrooms, and the staff are flexible and helpful (you can leave your luggage, book taxis, or even ask them to make food). As in the rest of India, you might be accosted by people looking to make a fast buck, but you're in a nice location in the heart of Colaba, and it's very well-soundproofed.