There are three hotels in Magadan, where you can stay.
The budget and simple one is Magadan Hotel. In the USSR time, it was the major hotel in the city. The expensive one is Ocean (Okean) Hotel. The most expensive is VM-Centralnya Hotel (ВМ-Центральная, in Russian).
Hotels, VM-Centralnaya and Magadan, are located in the city downtown. Ocean is on the shore of the Okhotsk Sea.
If you are not limited in cash, I would recommend you to stay in VM-Centralnaya. The room rate is from 3000 rubles per day. Its website: www.hotelvm.ru. The hotel has a restaurant, a bar, and a pool (billiard) hall.
Guesthouses also exist in Magadan. Usually, they are 2- or 3-room furnitured, fully-equipped appartments. Payment is based on a daily basis. Such places are comfortable, I think, but booking a room must be done in advance.
Guesthouses tend not to be represented online. So, it’s necessary to make reservation via your Magadan-based partners.
See further the Russian version of the text.