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I am planning to be there during X-mas. I want to stay for 5 nites in some decent place
costing less than equal to $100 nite.
Can some one recommend any good places for two adults (me and my wife).
I am also searching for airfare and so far looks like Air France has cheapest deal
at $785 / person. Any ideas for this??

For starters, I rather doubt that you're going to find a Paris 3-star, in central Paris for $100 per night. With that hotel budget, you will probably be looking at 2-stars. If you bother to scroll back througn posts of the past week/ten-days, you will find recommendations for a fair number of excellent 2-star hotels in convenient locations.
As for airfares $785 per person sounds high, even if it was for Christmas/New Year's week---but then you didn't mention whether you were flying from an east coast gateway city, the midwest or west coast---which effects the cost of airfare. From NYC. it sounds high--but perhaps not so bad from Seattle or Phoenix.