We found exactly what you're looking for in Riad Noir d'Ivoire -- can't recommend it highly enough. Well located, gorgeous space, perfect staff, fantastic breakfasts, and on and on. It's a real haven. The guest relations manager even was able to advise us on some gay-friendly places around town. I can't imagine staying anywhere else if I go back to Marrakech.
Well, at those rates, they'd better be good! Is anybody able to recommend a more modestly priced place?