We go up the street to the next corner and find the Siberia Hostel and there we stay. Very quiet place led by a very nice woman - Edith - who will not hesitate to give you all the information you need about Cuenca or the rest of Ecuador that she can know. We take a triple room for about 8 dollars each and we had our own bathroom and cable TV. You can also use the kitchen and has armchairs on each floor to rest or read outside the room.
From the Siberia hostel you have about 5 minutes walking to the river and it is in the very center of the city.
The area is full of international restaurants and the first night we tested in a Mexican that was right in front of the hostel. The truth is that in Ecuador they don't know how to make Mexican food, so I advise you not to try it.
The streets of the city center hide a multitude of small and well-conditioned restaurants that offer decent menus -composed by a bowl of soup with substance, a plate of rice accompanied by meat or fish and vegetables, and a dessert and drink- for about 2 Dollars. It is worth paying that half or a dollar more and eat in one place so test the effectiveness of the hepatitis A vaccine and eat in one of the holes where you see the frying pans with aged oil and flies flying everywhere . Of those you will also find in the center but the saving does not deserve the risk.
There are also places for Italian cuisine but, again, It is not a country that is characterized by its international cuisine. I would advise you to stick to what is typical of the country.1.001