If you're willing or able to spend some more money in your lodging and want to be in a "chic" area, you can go to Hotel Polanco. It's located in this nice neighborhood, close to several shopping centers, to the Bosque de Chapultepec and the many museums located in this zone (Antropologia, Castillo de Chapultepec, Reforma Avenue with its open air expositions), and you won't be too far from Zona Rosa and downtown. There are 2 metro stations closeby, so you can move around without difficulties. You will also find a lot of nightlife in the Polanco area.
Unique Quality: It has 71 rooms, they usually have a lot of availability (at least during the low season) and the amenities include a gym, business center, tour desk. They also have an Italian restaurant (La Bottiglia) & lobby bar. There is no parking. They also have an 800 number to call within Mexico (outside of Mexico City): 01 800 2219044.
A double room here will cost you approx. $110 US Dollars (around $1,200 Mexican pesos) per night, which is a bit expensive under my point of view but is pretty decent compared to the big luxury hotels located in Polanco (Presidente Intercontinental or Nikko, which rates are around $255-$300 US dollars and up). They have lower rates during the weekends and holidays. The rooms are nicely decorated - European Style - and feature cable TV, internet fast connection for free, telephone, safety box.
Lots of pictures and more info at the hotel's web site (please see link below). You can even make your reservation on line.
Nikko hotel (Polanco): best service of any hotel in Mexico, great gym and swimming pool (with tons of chlore inside though), fantastic view if you get an exec room (otherwise just request a 'high floor room'), cool 40th floor for exec breakfasts, an incredibly knowledgeable concierge, and rooms from only US$120 if you are clever in your booking! Another great benefit is having the American Express travel agency inside the hotel. For your transportation, don't use the taxis 'turistico': go to the concierge desk and ask them to order a taxi 'sitio' - much cheaper and totally safe.
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Address: Edgar Allan Poe 8, Polanco, Mexico City, Central Mexico and Gulf Coast, 11560, Mexico