The Phayao Gateway is probably the most well known hotel in Muang Phayao. The hotel is 10 stories tall with rooms starting on 5th floor. Snooker, massage, outdoor swimming pool, and a workout area are located on 4th floor.
Rooms have a mini fridge, satellite TV, AC, and bathtub/shower combo. Fair warning about the shower head: it is really low (I'm 6'4" (196cm) and have to kneel to take a shower). It is a little strange that they have a higher price point for a room with a double bed than a room with two twin size beds.
They offer the standard international buffet breakfast, and sometimes have an egg station. The offer free wifi as well. Lunch/dinner are served in the same area and seem popular and affordable, but I didn't sample them. The hotel has convenient access to the lakefront with a 10-15 minute walk. There are shops and restaurants in the immediate vicinity and the bus station is next door to the hotel.
I would compare this hotel favorably to the Topland Hotel in Phitsanulok, but without the attached shopping mall and late night noise from the disco. For the price as well, you could do significantly worse. Overall, this hotel was quite lovely and above my expectations considering that it is not generally geared for Western tourists.