Quietly elegant
If you're old enough to remember the Bismarck Hotel, this is it. It's quietly unassuming, but elegant, with enough nouveau blended with the traditional to keep it classy. It's right next to the Palace theatre, and the bustle of Randolph Street, but my room was remakably quiet, even with a Macy's conference going on in the hotel. It's a good walk to Michigan Avenue, but isn't that what Chicago's about? Walking, enjoying, experiencing, and then retreating to a class place? I'd recommend it, regardless of where you want to go. 
And there's a Chipotle and a Potbelle Sandwich Shop nearby... ;-)