I really liked this hotel
I stayed at the Serrana Palace in August, 2006. I found the staff to be extremely friendly, especially the front desk manager who speaks excellent English. The facility is a bit worn looking at the edges. The decor is straight from the 50s or 60s, but my room was clean and the bed was long enough. You won't get a view as the rooms look onto the neighboring building. There is a small pool on the roof which would be nice on a hot, humid day.
The best feature is the location. The hotel is within a block of the awesomely huge Belo Horizonte market. It is also within a block to a large shopping mall, and a short stroll to the downtown park. I paid approximately $30 for my room. If I go back to Belo, I will stay here again.