Sheraton Belgravia is a bit more intimate than the larger Sheratons in London. It's in a nice, tree-lined district, just off the heavy traffic leading down from Harrods to Chelsea. Rooms are a good size and the staff friendly and helpful from what I can recall. It's been a few years.
I think the group of Westin Demeure properties are of a similiar intimacy, but there's just one of them in the city.
Of course, everything in London is going to be outrageously expensive, even at 50% off rack, which is the only rate you can use on the Starwood discount certificate.