I stayed at the http://www.metropolitan.com/toronto/ when I went down to the city. The Lakeshore (where the Royal is) is easily assessable from there (like almost walking distance ) The rooms and the pool is small but it is comfortable and clean and does the job. If you really want luxury go to the Fairmont Royal York. It is just around the corner from the Met. and is STUNNING. Stayed there once - it was to die for! But obviously the price is a bit more than the met. I am not sure where the Met. SoHo is, but I have heard it is amazing too. The thing is in TO most hotels are close to the Royal because most of the tourist attractions are in that general vicinity.
Just as a recommendation - Queen street has the BEST shopping If you have a chance, you should go
And, for something rather cool and a little funky - The Drake Hotel. Cool neighbourhood, not as sanitized or main stream as the Financial District. Queen St. West - http://www.thedrakehotel.ca/info/about