Billing itself as a "boutique Zen hotel," the Cosmopolitan is an affordable downtown hotel with an aesthetic that seems way out of its price range. Situated at the foot of Yonge Street between the financial district and the waterfront, rates as low as $189 per night will get you a flat-screen TV, a 600-thread-count duvet, a kitchenette, bamboo slippers, a yoga mat, a balcony with a view of the downtown or out toward the lake, and, yes, Zen-style water feature. Eight Wine Bar, the restaurant, serves grown-up takes on comfort food: The shepherd's pie is made with duck, a veal demi-glace, and 20-year port, and the donuts have foie gras, Empire apples, and an espresso sauce.

A gloriously successful pet project of a dot-com millionaire, the Drake Hotel is a case study in urban gentrification. First opened in the late 19th century and expanded in 1949, the Drake fell on notoriously hard times in the '70s and '80s, along with the surrounding neighborhood of Parkdale. Its guardian angel arrived on the scene around the turn of the millennium and updated the interior with a decidedly design-forward appearance along with 19 hotel rooms. These days, the Drake is known more for its performance-art installations and bar scene than as a place to stay—you'd never know it was a hotel by looking at it—and lines to get in can get ugly on Friday and Saturday nights. Though there may not be a pool or spa, it's not every hotel that offers a legitimately cool nightlife scene, not to mention a great coffee shop to get you through the next morning. For anyone who wants to live hard, party with locals, and see the city's younger, hipper side, there's no better place to lay your weary head.

With 1,365 rooms, plus bars, restaurants, and shops, this vast Toronto landmark feels as self-contained as an ocean liner. Guests staying on the elite Gold Floor enjoy a private lounge, concierge, separate check-in and checkout, free Continental breakfast, cocktail-hour canapés, obsequious service, and other perks. Dining options open to all guests include the Benihana Japanese steakhouse and the EPIC restaurant, which serves sophisticated French-inspired cuisine using local ingredients at every meal from breakfast through dinner, including tea (served from 2:30 p.m.–4 p.m.). Thursdays are Tea & Tarot days: a "Certified Grand Master of Tarot" will predict your future.

When the 380-room flagship of the homegrown luxury chain underwent a recent refurbishment, a more contemporary aesthetic replaced the ostentatious gilt-and-marble decor of old. The staff, used to dealing with visiting movie moguls during the Toronto International Film Festival, is assiduously attentive. Ask for a room on one of the top floors-on a clear day, you can see across Lake Ontario. The Studio Cafe serves Mediterranean-inspired food, and the restaurant Truffles, one of the city's finest, features contemporary French dishes.

Opened in the summer of 2007, the Hazelton instantly became the hottest place to stay in Yorkville, particularly during the Toronto International Film Festival. Designed by Yabu Pushelberg (of St. Regis San Francisco and W Times Square fame), it is warmly contemporary with rich but muted touches: copper screens, green granite floors, cowhide wall panels. The 77 rooms are quiet and spacious—620 square feet on average, with nine-foot ceilings—and have a dark, masculine feeling, their surfaces dressed in leather and zebrawood. Each has a generously sized dressing area (at last—deep drawers!) and a huge bathroom with a wide soaker tub, separate shower, heated floors, and a flat-screen TV embedded into the mirror. We also like thoughtful amenities such as gratis shoe shine, plentiful laptop plugs, and a fridge stocked with free water, soft drinks, and real milk for your coffee. Downstairs you'll find a small spa; a popular restaurant, One, that serves indulgences like lobster mac-and-cheese; and what may well be the nicest hotel screening room on the continent. Two quibbles: Despite French doors that open wide, the rooms don't offer much of a view (the hotel ends at the fourth floor), and prices for both rooms and extras can be steep (that mac-and-cheese will set you back around $25). Wi-Fi, on the other hand, is refreshingly free.

Toronto waited too long for a hotel like Le Germain, which opened in 2003. Designed by Lemay Michaud Architecture Design, its 122 rooms and suites feature downy beds and Aveda toiletries. A glass wall separates the shower from the bedroom so you can be admired by your companion if you wish (or draw the shutters for privacy). The two-level lobby, with its soft white couches and double-sided fireplace, is perfect for lounging. The on-site seasonal French restaurant, Chez Victor, serves classic fare like pan roasted scallops with Jerusalem artichoke risotto and Porcini butter.

Opened in 1903, the “King Eddie” offers plush Edwardian-style rooms, well-appointed with high speed Internet access and 24-hour room service. Victoria's Restaurant is popular with the power-breakfast crowd and serves high tea later in the afternoon. Facilities include a 1,500-square-foot gym, "Le Fitness," and the Nouvelle Maria Spa. Three ballrooms, 12 conference rooms, and a business center make this property ideal for business travelers.

Extensive improvements to the Park Hyatt have resulted in a luxurious, if chintzy interior. Its location—a stone's throw from the shops and restaurants of tony Yorkville—is hard to beat, and the service is friendly and accommodating. The hotel's restaurant, Annona, is known for its extensive wine list and fine, seafood-based cooking. The traditional steakhouse, Morton's, serves more robust fare. Make sure you stop for drinks at the cozy Roof Lounge for superb views over the lake and city skyline. The hotel's Stillwater Spa is probably the best in downtown Toronto.

The SoHo Metropolitan is known for conscientious service and a convenient location close to major attractions such as the CN Tower and Rogers Centre. The king-size beds in the 89 rooms and suites have European down duvets and snowy Frette linens: Sleeping in them is like sinking into a bowl of whipped cream. The Senses Bakery & Restaurant serves the innovative fusion cooking of Patrick Lin, a French-trained chef who has worked extensively in Hong Kong. It also has an exceptional wine list.

The Windsor Arms, tucked off central Bloor Street on a quiet side alley, claims to have the highest staff-to-guest ratio (one to six) of any hotel in Canada, and it shows. Employees are as courteous, helpful, and discreet as the rooms are luxurious. You'll find elegant mahogany or birch furnishings, Frette linens, and limestone-floored bathrooms with Jacuzzi tubs in each of the 28 suites. The Courtyard Café serves breakfast and lunch. Club 22 offers lunch, dinner, and cocktails, and live music from 5 p.m., Thursday to Saturday. A traditional English tea is served at 1:30 p.m. and 3:30 p.m. in the Tea Room, whose genteel atmosphere will make you feel as if you should be wearing white gloves.