When looking for Colorado Springs cheap hotels you will undoubtedly find low prices on the major booking sites such as Hotels.com and Orbitz.com. However, when shopping for hotels you should note that many, if not most, times you will find that the lowest prices you receive are also non-refundable. Often times, for a particular hotel you will get a low price from, say Hotels.com, but find out that the hotel's website offers a price that is $ 1.00 higher with a cancellation policy which extends up until your arrival date.
Travelodge South is one the cheapest hotels you can get for the Colorado Springs area. For a sample test, Orbitz.com gave me a price of $ 101.56 and the hotel website gave me a price of $ 102.29. Although the hotel's own website had a price that was $ 0.73 higher than Orbitz, it also had a cancellation policy which allowed me to cancel up to the day of my arrival.
For the Colorado Springs area I found that although Priceline's prices aren't very competitive (Priceline, when compared against Hotels.com, Orbitz.com, Travelocity.com, and the hotel website, for its top ten lowest priced hotels only had the best price for Crossland Colorado Springs – Airport), for all of its hotels, they also have the most admirable cancellation policy, which allows you to refund your hotel purchase without penalty up until 1-3 days before your arrival date. If you use a site like Kayak.com you'll likely notice that Priceline usually does not have the best price, but is the best major booking site in terms of cancellation policy that I've seen so far.
I have not yet found a metasearch site which allows you to sort your hotel search results by lowest price and by cancellation policy. This means that when you want both options, you're going to have to do a little more homework.