I stayed in the Fairmont twice last year, and must say that the rooms (even the non-club ones) were lovely! Definitely 5*, as was the service. Location is also very good, just opposite to Raffles Hotel, plus next door to Chijmes, a great spot with lots of bars and restaurants if you want to eat out and try a few different styles. You are also right next to the Swissotel which has a fabulous jazz bar on the 70th (or so) floor.

Stick with the Fairmont, it's a really good choice!