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I always pick my hotel for the nightlife as it is easy to see the tourist sites by underground during the day but this stops around midnight.
I stop at the Regent Palace hotel which gives a double room with a basic bathroom for about £59 per night, booked over the internet, though the price does seem to vary somewhat. It is next door to Piccadilly Circus underground and very close to Leicester Square, Soho, Covent Garden etc for the nightlife.
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