The AC is really only “in” the Waterfront in a very technical sense. I would rate its “walkability” as pretty low. To give an example: to walk to a restaurant in the V&A proper (BAIA, say) takes over half an hour according to Google Maps. And a lot of that walk is going to be pretty boring.

By contrast the African Pride is within 15 minutes of all the restaurants of Kloof Street, Bree Street, Long Street and more. The Hilton is somewhat less convenient - and not at all really for Kloof Street.