This hotel is located downtown, across the street from Bellas Artes and Alameda Park. It's construction is a milestone in Mexico City history because it signaled the revitalization of the historic downtown neighborhood. It was originally run by Sheraton and only recently (mid 2010) it changed management companies so a lot of people still refer to it as the Downtown Sheraton, as opposed to the Maria Isabel Sheraton on Reforma in front of the monumental Angel of Independence.
The Hilton is a very beautiful hotel designed and decorated with a minimalist and contemporary style in mind. It's location is perfect for someone conducting business in the area or if you want to focus on the downtown museums and attractions. There is plenty of transportation to and from the hotel (cabs, buses and subway) which you will need if you want to go to Chapultepec, Polanco or the Anthropology museum, which are definitely not walking distance unless you want a workout.
The Cardenal Restaurant is one of the best in Mexico City for high-end Mexican cuisine, try this location on the weekdays because Saturday and Sunday it is almost impossible to get in and they don't take reservations.