Peninsula Palace Beijing
I just got back from a two-night trip to Beijing. Some other hotel options you might consider are the Peninsula Palace Beijing. I got a rate of USD 149.00+15%, but this included an upgrade to a Grand Deluxe Room, Mercedes transfer to/from airport and hotel, 2 buffet breakfasts, and late checkout of 6:00pm. I think this was quite a good deal. The Peninsula Palace just completed a huge renovation, and the hotel is quite stylish now, and I would say, up to Peninsula standards. Location of the hotel is quite central.
I also stayed one night in the Grand Hyatt Beijing. See my post in the Hyatt forum for stay details.