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you might consider tottenham court road which is off oxford street,

there are quite a few hotels there.

it is rather expensive, prices start from 150 pounds per night per person.

When I was there I stayed at the Royal Court Apartments. They are about two blocks from Hyde park and between Paddington station and the Lancaster Gate tube stations. You can get into the center of London in a matter of minutes. The best part is they come with a kitchen area including a refrigerator and a microwave and a stove top so you can cook in your room and save lots of money on eating out. The best part is they have a private bathroom in each room, no shared ones.

Look at http://www.think-apartments.com/ these are are really nice, clean, modern apartments. They cost as much as a hotel and you have lots more room. They have different locations. We stayed at some located close to the Tower of London. They have a 24/7 front desk just like a hotel. Also I've heard that Premier hotels are well priced and are good as well.