As second poster mentions, try the Magic Castle. I stayed there in a 1 bedroom suite because I got a great rate online and it was a terrific little hotel. I did not eat in the restaurant or see the show, but heard other guests talk about how fun it was.

The staff was great, the suite was enormous (bigger than some apartments I have lived in as it had a full kitchen with large living room and separate dining room) and very clean. They have a really nice pool/courtyard area, afternoon tea and cookies and a great continental breakfast included in the room rate.

The location cannot be beat. I saw some posts on TripAdvisor before I left that some people thought the Hollywood area was sketchy at night. I was travelling alone in L.A. and walked around at night and never felt it was unsafe at all. You are just 2 blocks away from Grauman's Chinese Theater and it's a very easy bus ride to get over to the Farmer's Market.

If you are just doing Hollywood and Beverly Hills, you really don't need to rent a car. If you plan on going out to Malibu, Venice Beach, etc., then maybe you'd want to rent a car for 1 day - but I found enough to see and occupy my time with no car for a 4 night stay.

Hollywood is sketchy even in broad daylight... but like anywhere you travel, just be aware of your surroundings.