I have a page on my website devoted to this topic: http://hometown.aol.com/toylandmry/pltostay.htm It is difficult to recommend anything specific without knowing your tastes and budget.
It might be helpful to know, however, that the Amtrak bus from Salinas stops downtown at the Monterey Marriott (10 stories, great views). This is within a block of several other hotels including the Portola Plaza Hotel (formerly the Doubletree, nothing special), the Hotel Pacific (one of the better ones), and the Monterey Hotel (a historic hotel on the main street). Directly behind the Marriott (and in its shadow) is the Merritt House (kinda quaint, but no view).
The bus also stops at the Hyatt Regency (ho-hum, overlooks a freeway on one side and a golf course on the other).
In Carmel it stops at a Chevron station next door to the Best Western Carmel Mission Inn (slightly more upscale than your average Best Western, surrounded by shopping centers on two sides, a fire station on the third side and the highway on the fourth).
Hope this helps.
[This message has been edited by Mr. Toy (edited 08-11-2004).]