Soho Grand

This trendsetting refuge for downtown movers and shakers still has as much élan as it did when it opened in 1996. Interior designer William Sofield has channeled the neighborhood's 19th-century industrial look with exposed lightbulbs, wire grids, tire-track grating, and a well-trafficked steel staircase that's studded with luminescent glass bubbles. Designer jeans are de rigueur in the second-floor Grand Bar & Lounge, a giant, fern-garnished corridor with chocolate-leather couches and floor-to-ceiling windows. The 363 rooms feature platform beds with brown-leather headboards and wry cartoon-bird wallpaper—a whimsical counterweight to the burlap Roman shades and retro brass bathroom fixtures. The $5,500-a-night penthouse suite, completely redesigned in 2004 following a fashion-shoot sprinkler disaster, is the epitome of chic urban living.

Tip: Out-of-towners rarely take advantage of The Yard, but the hotel's street-level patio is a great spot to hang out with laid-back locals.

Room to Book: Corner Kings, which have the most natural light and best views.