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Need advice on Chicago hotels

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We're planning a short stay in Chicago in October (4 days) and I'm looking for some hotel advice. We've only been there once before and stayed at the Fitgerald which I believe is now part of another chain (Affinia, maybe).

We'd like to be in a nice, safe part of town because we like to walk. The Fitzgerald was a good location for us but I don't know Chicago very well so I'm open to other ideas.

I'd like to stay under $200/night if possible. A friend of mine booked the Marriott for $150 on Priceline but I've never tried Priceline or Hotwire and don't feel I know the city well enough to try it. However, I notice that Expedia now offers a Hotwire opportunity on their own website. The areas mentioned on that list are these (I've left off the airport locations):

Chicago Loop - Millenium Park - Grant Park
North Michigan Avenue - Water Tower - Gold Coast
Museum Campus - McCormick Place - Soldier Field
Magnificent Mile area - Streeterville
West Loop - Medical District - UIC
South Chicago - Hyde Park

For example, they're currently showing a 4-star hotel for $197 in the North Michigan Avenue - Water Tower - Gold Coast area.

Which of these areas do you think would be good for us? And would a 4-star under $200 be a good deal, do you think?

I'd appreciate your comments on the above or any other hotel advice you can give me.

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