I did 5 nights at the Pen in November and loved it. I got a fantastic rate for a suite from lhw.com, but I think Pen left Leading Hotels of the World in November. The suites are fantastic, but you can't go wrong even with a normal room.

Why is this hotel great? 1) The staff are lovely, 2) rooms are lovingly maintained (although TV's are getting old), 3) food is exquisite - take a B&B rate because the buffet is astounding, 4) you have a river view - both from your room and from the restaurants, 5) there is a boat to the skytrain station literally every 2 minutes, 6) the Oriental is literally opposite you if you want to eat there for a change, 7) it is a tall hotel so the views - especially from the deluxe, higher, floors - are superb, 8) the pool is never crowded.

My only criticisms are a) no spa (although you can get treatments in the beauty centre), b) some minor construction noise from the spa they are building, c) the pool is not so great for lap swimming, d) the Oriental has better shops (but you can always take the boat over!) and d) thai / foot massage prices are 500% higher than the parlours on the street where the free boat drops you (so go there instead!)

Unless you are penny pinching (you can stay at a good 5-star like the InterCon for less money) then I wouldn't hesitate to take the Pen.

PS. If you do want to visit a hip Banyan Tree-style bar, Distil - possibly the highest bar in the world, almost certainly the highest bar in the world with an outdoor terrace - is only a five minute walk from the pier where the hotel boat drops you.