There are some reasonable hotels along the river. It's touristy/noisy close to Clarke Quay but the other end becomes peaceful and somewhat residential, but without good MTR access. There's a Novotel in the lively area and a Millennium or two at the far end, with an interesting boutique artsy property in the middle. I would avoid the Holiday Inn Atrium and a couple other hotels that are near the far end of the river but certainly not on the river.

I like the Swissotel or alternatively Fairmont (former Raffles Plaza, a large modern hotel) in the same complex if reasonable weekend rates are available.

Much of the attraction of the Conrad is its lounge, certainly not its location in a bunch of modern office and shopping complexes, which seems like a long walk to anything interesting.