We stayed at Baycrest during our first visit to New Zealand in 2007 and it's still a great choice for the Taupo area.
Our room was huge with a lovely balcony and views of the lake. It was very clean and the bed was comfortable. There was also AC which was a real plus in 75-80F weather. The property is in good condition and they offer free parking and also have a small pool. We were grateful to have access to laundry ($4NZD for a wash and $4NZD to dry) after hiking the Tongariro Northern Circuit.
The managers were so kind and helpful. When we couldn't get an uber or cab, they drove us with all of our bags up to pick up our rental car.
The one downside for us is that we didn't have a rental car for most of our days there. There are a few ubers and taxis but not many and town is a 1.5 mi walk (about 30 min). But if you have a car, it won't be a problem.
Also, there's a great little coffee truck right by the lake near Baycrest that opens at 7:30am if you don't want to go into town first thing.