The Hengshan Hotel (Hengshan Binguan) began life in 1936 as the Picardie Apartments and today is a French Concession classic.
Offering reasonable rates, a low-key location, large rooms with high ceilings and more than a hint of Shanghai history, the Hengshan is a great base from which to explore the former Concession and its abundance of tourist-friendly bars, restaurants and boutiques.
With a nearby metro stop and a steady stream of cabs, getting to Xujiahui, Xintiandi, People's Square and the Bund is a matter of a half hour or so. A great value.