Thanks everyone for the suggestions to the hotels and alternatives (squeakr, thanks for the correction on Monterey vs. Monterey Park; didn't realize that it's two different places! I've edited the original post to reflect this, and sorry for straying off-topic)

Hilton @ OAK: Stayed there once before during a mileage and mattress run. Current available lowest rate is $80/night. During my last stay (back in 2/04), the elevators were out but at least we were only on the third floor. No upgrades even for Gold (at that time).

Correct me if I'm wrong but there aren't any Hilton brand hotels right in downtown Oakland itself, right? According to the map on HHonors, the closest to Oakland seem to be the Homewood Suites.

I'm thinking since we're only in SFO/OAK for only two days and will likely scale back on some of the plans to journey to the outskirts (didn't realize that Monterey is 4 hours drive from SFO! ), maybe we'll confine ourselves to the downtown SFO and Oakland area, and maybe places that are within an hour to two drive away.

Thanks, all!