I just spent a week at the Hilton Beijing Wangfujing and the location was fantastic. It is between 2 subway stations (Dengshikou which is a bit closer, and Wangfujing) depending on which line you want. But we walked to Tiananmen a few times and it isn't that long at all. Cut through the mall, down the walking street and over a few blocks on Chang'an and you are there. Our last day was the day of the Beijing Marathon and we had about an hour before we had to leave for the airport. We walked over to Tiananmen, watched for a bit and walked back without feeling rushed at all. Great location, IMO.