Try these.

The St. Regis and the Ritz Carlton are, by far, the best hotels in the area, but they're not in Newport Beach specifically.

There's also a very very nice Fairmont Hotel in Newport Beach itself. If you like the Fairmont, join their President's Club, as it's free. Notice the 20% off for FPC members. Their winter pricing is darn cheap for a Fairmont.

What sort of things make a hotel nice?

Do you want to be right IN Newport Beach or somewhere along the coast?

Take a look at Resort at Pelican Hill, Hyatt Regency Newport Beach, Balboa Bay Yacht Club.

They all have their pluses and minuses.

The Fairmont is cheap because its very close to the airport, pretty much a nice Irvine business hotel imo. I like the BB Yacht Club, many people dont. I'd pass on the Hyatt, its a 3.5 star in my book. Island on Newport Center is nice if you dont mind being next to a mall. I havent stayed at Pelican Hill, but looks nice
If you look at Laguna, nothing can touch the Montage. Its a class above the Ritz and better locale than the St Regis

FrankS did a good job of summing it up. There isn't just one excellent hotel on the beach in the middle of the action, so you have to decide what is a big priority

Thank you. We've booked at the Fairmont.