I usually stay at the Holiday Inn (Lido), near my office and not nearly as whore-filled as it used to be pre-Olympics, or the new JW Marriott near China Center (very nice, great bar and spa), but both are very Western.
How about the Red Capital Residence? I've been to the Red Capital Club which has pretty good food (very kitschy though!).
Reputedly the residence provides one of Mao's wife's old limos to ride around in.
http://www.redcapitalclub.com.cn/about.html
-C