I totally agree with that! If you want to be near the party, the Marquis is great.
Either the Four Seasons or the Beverly Wilshire (also a Four Seasons) or Raffles L'Ermitage are all fantastic hotels in Beverly Hills.
For the beach area, I'd suggest Le Merigot or the Fairmont in Santa Monica, Loews or Shutters aren't bad but not as nice.
We should get Jim Henley in here to add his two cents, he's always got the hookup...