At $305 (inc tax) p.n. for a deluxe/junior suite, I think this is pricey hotel but given I was staying during the xmas holidays, there were few choices within the Medina. However as most of the shopping and restaurants are in the Medina, I would recommend staying in the Medina.
Riad Fes is a beautifully restored Riad (actually it looks like it is four Riads combined) with spacious & nicely decorated rooms. The four courtyards are each unique and there are plenty of space on the rooftops to get away from the crowds and have a relaxing view of the city. The Riad is a couple of blocks from one of the main streets so it might be better to have Riad to arrange a car with a driver that can lead you to the hotel. Otherwise as you walk through the Medina, just ask and someone will point you the direction or even take you there for a small tip.
Breakfast was included which was basic but good. Avoid eating at the restaurant for lunch/dinner as we were disappointed with all dishes served.