I've used the City Hotel once on a biz trip when our partner got us a corporate rate there. More convenient for business than sightseeing, but all in all not a bad place to stay.

If staying at the Bund, I don't think the street is especially glamorous nowadays so better insist on river view rooms.

Shanghai can have temperatures of up to 40 degrees Celsius in August so hope the OP is used to warm and humid climates.