Youth Hostel Montreux puts you just a 5-minute drive from Freddie Mercury Statue. Guests looking to stay active can check out the nearby hiking/biking trails, and free buffet breakfast is available daily between 7:30 AM and 9 AM.
Fine Hostel, BUTPros: Do NOT use booking.com for this. They don't give you a reservation, just a spot on the waiting list for reservations, AND fail to warn you about it.
The hostel was fine, just needed to pass along the warning.