I wouldn't call the location of Le Meridien comparable to the PH's. You have the river view, and is a bit closer to the Japanese quarter. But it's also on a very busy main road, with active constructions surround it (1 of which is the upcoming Hyatt Caption).

The PH is basically in the center of everything: tourist attractions, malls, shopping streets, pedestrian street with cafes & restaurants to suit every taste.