I stayed at the Hotel Marilena with my wife in September last year and we returned in July 2010. The Marilena is located in the center of Riccione in the harbour area, 300 meters to the beach. It is a pension-style family-run business which has been owned by the same family since 50 years. All family members are very helpful and friendly and do their utmost to make their guests feel comfortable.
I would strongly recommend to book full board accommodation (breakfast, lunch and dinner) as the meals are very good value for money (and you will not be able to get the same quality of food for less money in a restaurant) and the food is simply great. Breakfast is buffet style. So are the starters (antipasti) offered for lunch and dinner, followed by a choice of three first courses (primi - mainly pasta dishes) and also three second courses (secondi - fish, meat or vegetarian options). Afterwards various cheeses and desserts are available. To make it short: a good experience of real Italian home cooked food.
The rooms are basic but functional with en-suite facilities. Some rooms have a balcony. There is also optional air-conditioning and a small TV. Prices change based on the season. In the middle of July we paid 134 euros per day for a double room, breakfast, lunch and dinner for two people.