Really well located, Dar El Yasmine is a great place to stay and relax in the heart of the beautiful (and somewhat hectic) old medina of Fes. This is not a hotel but a "guest house" and it shows! The treatment and experience is just what "hospitality" is (or should) be about, I have never felt so at home away from home! :D
Also, if ou have any questions or need help on tours, excursions or the like ask Mohamed or Aziz (the owners) they'll be more than happy to help you.
Oh, and I would really like to recommend Wafa an incredible tour guide in Fes. She's an spanish philologist so if you want/need the tour in spanish just ask them to call her :)