We stayed at the Riema on Rua Consolacao in February 2007 and were very pleased with this hotel.
The rooms are clean. The sheets are soft, the mattress nice. We were on the 13th floor which offered nice view.
As this is a "flat service" the room came with a small room with a couch, ample storage, a sink, 2 burners, and a fridge.
The hotel, as other reviewers have already noted, is located in the Jardins neighborhood, which makes it extremely safe, quiet and close to excellent restaurants and shopping.
The hotel offers good internet service at US$10 an hour.
There is free cable tv.
To get to the nearest metro stop, simply walk up Rua Consolacao to Avenida Paulista. It is a steep hill, but direct.
The breakfast buffet was good. The fitness room, serviceable.
We used the services of the taxi drivers who hang out at the hotel. They are straightforward and fair.

We would stay here again!