For our recent trip we stayed at the Renaissance Shanghai Yu Garden which is right beside Yu Garden - one of Shanghai's top tourist spots. The location is really convenient and you can walk to most of the attractions including The Bund, Xintiandi and the French Concession. The view from the top of the hotel is also great - probably one of the best views of Pudong on a clear day.
Surrounding Yu Garden are some of the old residential districts of Shanghai. These have been well preserved over the years, and is a great area to explore on foot to see real local life in Shanghai. Sadly some of the areas are being demolished to make way for new developments.