There's more to a travel bargain than price. In the case of city hotels, the best are a balance of style, value, and location. In 15 cities across the world, our editors prove the point with stellar finds. At a time when the buck is on a roller-coaster, these are very sure bets...

While the Windy City is home to many unique and inviting enclaves, all roads lead to Michigan Avenue when it comes to lodgings. Right next to the biggest and best hotels are more- affordable options, clustered in two groups: around the boutiques and museums of the Gold Coast, and south of the river near Chicago's revitalized theater district and booming West Loop dining scene.

Close to downtown stages such as the Beaux Arts landmark Chicago Theater and the famous Goodman, the Fairmont overlooks Grant Park and the Art Institute. Though squeezed in among office towers and convention hotels, this property stands out for its style (312-565-8000; fairmont.com; doubles from $189). Its restaurant, Aria, serves well-rated fusion cuisine (312-565-8000; entrées, $17-$35). The Fairmont has all the perks of a big hotel (including access to the attached health club, which has a pool, a good-sized track, and squash and racquetball courts), and 180 of its 692 rooms have lake views.

On a quiet side street off Michigan Avenue, The Raphael is in the high-end retail and museum district of the Gold Coast, Chicago's most expensive neighborhood. This 1928 Italianate building is quintessential Chicago: spacious and bright, with European aspirations. With its high ceiling and arched windows, the lobby has a Gothic feel, and the rooms—some of the largest you'll find for the money—are simple, with stately dark-wood furniture and high ceilings (312-943-5000; raphaelchicago.com; doubles from $249).

Near Michigan Avenue, amid the genteel, tree-lined streets of the Gold Coast, The Claridge occupies a former residential tower that's been smartly retrofitted. Modest but comfortable, the hotel adds appeal with amenities such as a sunny new gym and in-house manicures, pedicures, and facials (312-787-4980; claridgehotel.com; doubles from $149).

Sources: Try the Chicago Tribune's metromix.com for critics' picks on dining, entertainment, and nightlife. The site includes a comprehensive hotel finder. For a good second opinion, go to frommers.com. Time Out's Chicago edition offers the most up-to-the-minute information in guidebook form (Penguin, $16).

WHERE TO FIND MORE BANG FOR YOUR BUCK
For an update on the prices we give below, visit the Web sites.

CHICAGO
Rooms start at $149;
metromix.com

BARCELONA
Rooms start at $100;
bcn.es/english/ihome.htm

HONG KONG
Rooms start at $115;
tiglion.com