The Meganeon 'Sea View' hotel is located about 5 minutes drive from Penglai sea front and the historic fort and temple area. I'm not sure about the sea view, I've stayed in the hotel four times now and never seen the sea once, but as the hotel is circular then maybe there are some rooms where it can be seen.
The hotel staff are friendly and always try to help with booking taxis or recommending restaurants etc. There is also a spa in the adjoining building to the hotel - which you should avoid if you are in any way reluctant to take your kit off in front of other people.
The bedrooms are reasonable; all have a minibar, comfortable bed, tv etc. The bathrooms however are poor. Every room that I have stayed in had mouldy bathrooms with broken fittings and leaky showers - which is a shame because this doesn't fit in with the quality of the rest of the hotel.
The breakfast is also poor if you are looking for anything western. They have the usual Chinese offerings, but if you are looking for muesli, yoghurt, fruit etc then you won't find it here.