I spent a weekend away from Sofia at the Ritz in Istanbul. I didn't have any view, but with the budget weekend rate I was paying (an outstanding 137 EUR/night with breakfast included) I have no complaints.
Hated by the residents of Istanbul due to its obstructing the view of the Asian side (they have an interesting nickname for it), and said that the higher floors will at some point be removed due to rumored illegal construction the Ritz nonetheless currently has THE best panoramic view of Istanbul (particularily the higher floors).
I don't agree with the description - you won't be walking from this hotel to any of the major sites (Blue Mosque, Topkapi Palace, Hagia Sophia) but it is a relatively short cab ride to the Old City. It's also nicely positioned between the Old City & the newer part where you will end up heading to enjoy restaurants/nightlife.
Spacious room, impeccable service & all the other amenities one would expect (at least one such as myself who is not accustomed to such luxury hotels) from a Ritz-Carlton.