I've also had LRM in the 900 range. I suspect the same is true for similar chain hotels in the area. If OP has status, there would be an argument for trying to stay in that brand, such as lounge access, free internet, and other elite benefits.

The location isn't as convenient, but it could be interesting to stay in one of the older (art deco?) hotels. One that I've seen is in the middle of the block across from People's Park, along NJ road. Its location is equal to that of LRM, Marriott, etc. I think it's called the Park Hotel. Then there are several in this genre that I've walked past that are just across the creek from the Bund, but I don't remember names. There isn't an obvious subway station in the immediate area AFAIK. Don't expect renovations or all the modern conveniences; I would guess that most rooms are likely to be small with unrenovated bathrooms, but this sort of place could be more fun than a cheap modern chain hotel.