Hotel Campanile
This hotel is great: for about 40€ you get a fairly large and bright double room with plenty of natural light. The mattress and pillows were high quality and the bathroom was very clean. They also gave us a nice welcome with a plate of teas and biscuits.
The hotel offers free parking, although there is no problem finding parking in the area.
The staff was friendly and welcoming and gave us plenty of good tips on how to get around Elche on public transportation.