Park Hyatt and Century Hyatt
Having stayed at both hotels numerous times over the last 12 months, I'd say neither of them are to die for, but both are more than acceptable. The Park Hyatt is more refined, smaller feeling and has a decent celebrity following. One of the times I was staying there Usher was decked out in a suite. A number of Hollywood organizations have their events there and that helps with the celebrity following. I had a small suite a couple of times and it was fine, but not knock your socks off. As a diamond, I was upgraded to that. The Century Hyatt is not bad either. But it's huge. It has a nice spa and pool area (but in December?). Some of the rooms are renovated and others are not. I was upgraded to a suite on my last stay and it was very big, but not terribly renovated. It's somewhat impersonal, but the suites give you a lot of space - particularly if you can get a renovated one.
Some people are really enamored with the Beverly Hills Hotel, but I've never stayed there, only been to a conference. Most people but the Four Seasons and the Peninsula at the top of the class. But normal rooms aren't going to be that big. Some people also swear by the Regent Beverly Wilshire, but I think you need a suite for the best experience.
If it's nightlife you're after, some like the W in Westwood - if you can get a suite. I had a nice suite there a few years ago.