Known for creating some of London's poshest boutique hotels—including the Pelham, Covent Garden, and Charlotte Street—Kit and Tim Kemp have gone the budget route with the Knightsbridge, their first bed-and-breakfast. But don't assume that affordable means "lacking in style." In addition to luxe touches like down-filled sofas wrapped in soft wool, the 44-room beauty has everything that made cult classics of the Kemps' other properties: Frette linens, in-room DVD players, granite-and-oak bathrooms stocked with Molton Brown products, and that famed honor bar. Think you've saved some sterling?Think again. The designing duo picked a million-dollar location in chic Knightsbridge: Harrods and Harvey Nicks are just steps away. Knightsbridge Hotel, 10 Beaufort Gardens, London; 800/553-6674 or 44-207/584-6300, fax 44-207/584-6355;; doubles from $225, including breakfast. —Richard Alleman