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After doing some hotel checking on TripAdvisor, I ended up booking our one night stay at the Miyako Hotel, which is about a 10 minute walk from Union Station.
I don't personally know the Miyako Hotel or it's prices, but have you considered the Metro Plaza Hotel? It is far from the Ritz, but is is decent, only a short 5 minute walk (or less) from Union Station (and can be seen from the front door), IIRC the crew hotel for Amtrak - and Phillipe's is next door!
I'd looked at the Metro Plaza. The prices are certainly good, as are the reviews, but my husband has *definite* ideas these days about hotel stays... ^_^ He likes a totally enclosed building with a lounge so he can have a drink onsite before we retire for the night. :rolleyes: So...at the moment, the Metro Plaza is out....athough the price is SO good compared to the Miyako (also good compared to other downtown LA hotels) that I might be able to get him to change his mind.
I stay at the Metro Plaza quite a bit (and will again next week, as a matter of fact). The place is basic, think motel. Clean, safe, but not a whole lot in the way of amenities. No bar. If you are interested in a safe clean place to crash, it is fine. If you want more, well, the Little Tokyo area (where the Miyako is) is about as close as you can get to Union Station for upscale hotels.
I was looking at the photos of the Metro Plaza again. It appears that the place does have interior hallways ~ and not outside entry to the rooms like your typical motel. Is this true? To be honest, the Metro Hotel's website leaves a bit to be desired and I haven't been able to find good photos and/or detailed information regarding the setup.
Yes, it does have interior halls, but it is motel grade. A lot of Motel 6s have interior hallways, too. The first floor is the front desk and a parking garage, the upper 3 (?) floors have the rooms. The hotel is "L" shaped, and your room will either overlook Main St, a side street whose name escapes me, or a grubby interior parking area/courtyard. The hotel only takes up part of building, it is a mixed use complex of small shops and offices. There is a Subway right next to the office, but do yourself a favor and walk north a block to Philippes. Their main clientele seems to be tourists from Asia (and Amtrak passengers looking for a good bargain near Union Station).

No bar, no valet, no room service. Free Wi-Fi, though (you have to call the desk to get the password). I like the place, personally, but it just a clean, comfortable place to sleep. If you have a car, it is one of the cheapest places downtown to stay downtown with a car, only like $4 extra, where the name hotels are charging like $40/night to park a car.
Thanks for the detailed information. Very helpful. I normally book directly with whatever hotel I plan to stay at, but took a look at Amtrak's site to see if they had any "special" rates offered for the Metro Plaza. I was quite surprised to see that this hotel isn't listed AT ALL on Amtrak's website. :unsure:
I have to say that I do like the proximity to Union Station, Olvera Street and Chinatown ~ and of course...the price. Thanks again! :hi:
 
Check out Priceline - do a search on here there's a post were a local gave the particulars, but if you do a search for a 4 star hotel in the "downtown" area (I think) you'll get one of two hotels. It's either the Westin Bonnaventure (and I misspelled that horribly) or one other. You can get 'em for about $60/night. It's a short cab ride instead of a walk, but Amy and I did it for our honeymoon and ended up with a room at the Westin for dirt cheap, and the hotel was AMAZING.
 
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