It's not pretty, or modern, but the Colonial will provide you with all you need if you just want a place to rest your head.
I booked the Colonial for 2-day/1-night stay, as I knew I would be out all day, and just needed a bed and a shower. It had the basics, a queen bed, TV, mini fridge, loo, shower, desk, air con and enough power points for my chargers. They offer breakfast which I cant vouch for, but is handy if you need it.
It's about 2.5km south of the centre of town, 25 mins walking. But there is a bus stop close by where you can get any one of the many buses that run into the centre of town. You wont be left feeling stranded, and there's plenty of takeaway and restaurants close by. (Mind you, the walk into town is nice.) For the V/Line commuters, Geelong South train station is nearby as well, so you wont have to cart your luggage down from the centre of town.
Owner was friendly (albeit a little over-friendly) but helpful. The grounds are nothing to write home about.
Book the Colonial with low expectations and an open mind, and enjoy the affordable convenience.