I'd take the Grand and have put up my in-laws there. The Bayshore is actually much older and the rooms are much more tired. The Grand is a fairly new hotel. It says it's all-suites but that's a bit of a stretch.

The Grand is in a "renewal" part of town but not in a drug-addict kind of way. There is an IGA (grocery store) right beside it and it's at the foot of Robson St - where all the major shopping and other action is. The Vancouver Public Library is right across the street and is about a 5-8 minute walk to the Skytrain. The Bayshore has an excellent view of the water but has pretty much nothing else going for it.

Another option that you might consider is Wall Centre (Sheraton, not Westin). The North Tower is the nicer one. It's not as accessible by Skytrain but is in a good location.