A friend and her partner went to Munich recently for 6 days and stayed at the 4* Concord Hotel in a superior room (costs slightly more than a standard room).
It's within walking distance of the Old City (Altstadt) and also within walking distance of the Hofbrauhaus. Also near the Town Hall which has a Glockenspiel - well worth seeing. Also 1 minute walk to the underground trains.
They said the location was great, the room rate was reasonable and the hotel was comfortable.
The [broken link removed] is right beside the main train station and is only 10 mins or so walk from the centre. Stayed there a few years ago and was very happy with it.