Look if you don't have to stay in Latacunga don't. It's just a city with not much to do or see. If you can make it just an exchange point do so.
The Hotel Central is OK and cheap enough but is old and tired. The rooms are a reasonable size and they have hot water in the showers, after a wait. But the bathroom has mould, particularly on the shower base and everything else looks like it's 10 years past it's use by date.
The hotel is on the main square so location is good but there aren't many restaurants etc close by.
The owner and staff are nice and happy to assist when required.