I cannot confirm 100% if this is the place I stayed in as it is not mapped and there are several Al Hamra properties in Riyadh. The place I stayed in was called the Alhamra Residence Hotel and is located in a side street joining King Fahad Road and Olaya Street, directly opposite the newly erected Al Anoud Tower. It has the same postcode as EWA Olaya so I believe it is the same place.
If it is then I can recommend it for its affordability and location. The staff are also extremely helpful. There is excellent free high speed internet access too.
NB: There is no restaurant in the hotel itself but there are plenty of affordable (western style) eating places within easy walking distance.
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