Gryon

I was here for 2 days, and it unfortunately was not a longer stay. Although Gryon is basically the name for the side of the mountain that contains Chalet Martin, a few residences and restaurants, it was unbelievable. If you enjoy snow, mountains, skiing, snowboarding, or anything even remotely related to those things (and you happen to be in Switzerland), then you need to go here.

Chalet Martin is a fantastic hostel if you just want to Chillax in the alps. You can cruise down and go to the hot springs/spa as well. This place is a good stop for backpackers who want to relax during their travels.

http://www.gryon.com/

Check this review of the hostel:

Gryon

Chalet Martin Youth Hostel
Get off at the station and follow the sign. Just a couple of minutes walking

The best hostel I ever stayed in. A chalet in a small vilage in Switzerland in the middle of the mountain. With thermal pool and sauna (not working the 2 days I stayed there), log fire, nice kitchen, loundry avaible, video room, ski stuff to rent,clean and comfy rooms and topilets and the greatest view for about 12US$. And there’s a lot of info avaible about other youth hostels, train times and they give you maps with the best tracking routes. A great atmosfere that makes you feel you’re at home. Get a train from Lausanne to Brex(direction Brix) and then get a cograil to Gryon. Eurailpass valid!
—comment by: Luiz Niquet

http://www.eurotrip.com/hostels/switzerland.html