I stayed at Bagan Emerald Hotel for 6 nights when I was in Bagan. It is conveniently located a 10 minutes walk from the bus station. It’s outside town and very quiet and peaceful. There isn’t much else around, but they have their own restaurant. It’s possible to rent e-bikes on a cheaper than average daily, half daily or hourly rate. You can also use their bicycles for free. I wouldn’t recommend this though because Bagan is huge, some of the roads are really bad and it’s freaking hot.
The hotel was very clean, the shower was hot and working properly, the A/C was good, the wifi was significantly better than the standard, the room was big and spacious and the staff was friendly and helpful. Their English was limited but they did their best to accommodate me.
If you only have a few days and have to rush then this might not be the best choice since it takes around 15-20 minutes on an e-bike to get to the pagodas. But keep in mind that the pagodas are spread out over a huge area and no matter where you stay you will never have everything close by. However, staying in Old Bagan would indeed be more central, yet more noisy and busy.
If you have time (which I would recommend for such an amazing place as Bagan) and would like to stay somewhere quiet, clean and functional then I can highly recommend Bagan Emerald Hotel.
You can book a room at the hotel here.