I stayed at the Kunlun hotel for 4 nights in September 2005. The surrounding area has good night life and is near the diplomatic areas, Forbidden City, shopping, the expo center. This hotel has absolutely beautiful common areas, very classy restaurants, great english-speaking staff, and attentive service. The standard rooms, however, do not live up to the rest of the hotel - small rooms, old furniture, not many extras. I had to call everyday to get coffe pouches sent to the room. Beds are reasonably soft and comfortable (by Chinese standards). Hard to get a king bed - usually two small beds in most rooms. More money for the king. Prices are high for most things. Coffee in the lobby lounge is about $5 USD. Overall experience was good, but it's too much money for what you're getting.
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