3 Peaks is an affordable South Lake Tahoe hotel with a nice location, it is walking distance to the lake, restaurants and Lake Tahoe Boulevard/Heavenly Village. (We were glad we didn't stay at a hotel directly on Lake Tahoe Boulevard as it was a busy road.)
The hotel has a pool and two-level hot tub as well as a partnership with Lakeside Beach. Beach vouchers are available in the lobby and allow for a $5 entry pp during the day and free entry after 5 pm. (The beach charges $30 pp during the day and $10 after 5 pm without a voucher.) Additionally, the hotel has free parking and WiFi (and no resort fee!)
The hotel has a variety of room types, we stayed in one of the two bedroom options. We enjoyed the extra space, huge Smart TVs and comfortable beds. However, the room, furniture and decor were older and quite worn. We also had several maintenance issues during our stay (but upon calling the front desk, they were fairly quick to address.)
Overall, this hotel is a decent option for the area (just keep in mind that your room may be older, etc.)