
Caravelle (Dong Khoi), Legend, Rennaissance, Sofitel (Le Duan), Sheraton (Dong Du) are all good 5 star but for the price, you would be better stretching to Park Hyatt.
Hotels in Saigon are running at 98% occupancy on an ongoing basis. Hence they (think they) can charge outrageous prices for what is really just an average hotel room. What HCMC desperately needs but lacks is a really great top notch boutique business hotel.
Anyway, if budgets wont stretch to the PH, you could try the Bong Sen on Dong Khoi - its central.
http://www.hotelbongsen.com/
The Continental is a georgeous building that was ruined by being run by the gvt - next to Park Hyatt, opposite the Caravelle and Opera House - BUT i have it on reliable information that its just been done up - they used to do good internet deals at times so that might be a good option.
http://www.continental-saigon.com/
Top 5 restaurants:
1. Temple Club, Ton Tap Thiep Street
2. Ngon, Nam Ky Khoi Nga Street (opposite Reunification Palace)
3. Square One at Park Hyatt
4. Pacharan, opposite Park Hyatt, corner with Hai Ba Trung, sister to the original Pacharan in PP.
5. L'en tete, near Binh Tan Market for french or Warda, Mac Thi Boi for Syrian and great deco by the lovely David.
Top 5 Bars/Clubs
1. Saigon Saigon, where we used to take all the visitors on first night. 10th floor Caravelle Hotel.
2. Q Bar, opposite Caravelle entrance, under the Opera House
3. Alibi, Thai Van Lung
4. Xu, Hai Ba Trung
5. Qing (wine) & Latin (sports bar) on Dong Du
Spas for when it gets too much
http://www.spatropic.com
http://www.lapothiquaire.com
or Xuan at Park Hyatt.
Trips:
http://www.sinhcafe.com
Dont miss the collection of photographs at the War Remnants Museum.
Basically if you buy the Luxe HCMC guide its got it all in there.