cctv tower is on west third ring (by car, an hour plus from the CBT except in the dead of night). the shangri-la is the nicest hotel out there and it's not very expensive because there's not a lot happening in the area.

if you don't want to be stuck on the west side, there are plenty of options along the east-west subway line. unfortunately, the nicer properties (hyatt, china world, st. regis) are all over your budget in the absence of astounding negotiation skills or a very good corporate deal.

feel free to post properties you are considering and i will comment on the convenience of the location with respect to cctv

edited to add: check out the marco polo. it's also on the subway line but is west of tiananmen, which should help out a lot if you do use taxis get between there and cctv