The Prime Hotel (Beijing Huaqiao Dasha) is indeed in a prime location, right in the heart of the Wangfujing shopping district and within walking distance of the Forbidden City and Tiananmen Square. The staff are generally quite friendly and helpful, though non-Chinese speakers may have to be patient when communicating.
The rooms are of decent size, though the hotel's age sometimes shows (and smells) a bit. Overall, an excellent value for those willing to deal with a few rough edges.