I'm just home from a trip to London with my wife and our best friends. My wife and I had stayed at the Covent Garden Hotel two times previously and convinced our friends to give the CGH a shot on this their first trip to the UK. I'm always a little nervous when recommending hotels to friends, but given the quality of the CGH I wasn't really worried and the hotel and its great staff came through yet again.
The hotel itself is beautifully appointed and just oozes class. The restaurant in the hotel is great. The staff is wonderful. And the Seven Dials/Covent Garden neighborhood is hopping and also perfectly located in the center of the city. Yes, there are cheaper places to stay in London, but for a few extra pounds you can stay at a place that is truly special.
A couple of suggestions: (1) Ask for a room facing Monmouth Street ... there's a fair amount of traffic/noise on Shaftsbury Ave which some hotel rooms face. (2) Be sure to take advantage of the beautiful "living room" with honor bar just upstairs from the lobby ... a really wonderful place to hang out.
Final comment is that the hotel's website just doesn't do justice to the beauty of the place. Could really use more images and a video so you have a better sense of the treat you're in store for.