Grand Hotel Continental, Siena, Tuscany, Italy
Occupying a beautifully restored 16th-century palazzo adorned with original frescoes and priceless antiques, the Grand Hotel Continental is the only five-star property in Siena's centro storico, and being just off the pedestrian-only Piazza del Campo, you really can't get much more central.
Apart from the 3000-bottle wine cellar (set in a hidden medieval tower discovered during renovations), and the glassdomed Ristorante SaporDivino, there's little else on-site, but you're just steps from the city's cultural, culinary and retail delights.