When in Lima [1], our favorite places to stay are Barranco [2], with lots of nightlife, backpacker options, and bohemian energy, and Miraflores [3], which has Peru’s best selection of hotels and restaurants in all categories.
If you’re in town for corporate work, or want the highest-end hotels Lima has to offer, San Isidro [4]’s financial district is your best bet.
If you are comfortable in noisy, developing-world cities and interested in understanding the city’s colonial center, you should stay in downtown Lima [5].
The neighborhood of Breña is a more peaceful alternative to the center that is close to the Museo de Arte and a 10-minute walk to the edge of old town.
Pueblo Libre [5], only a 10-minute taxi ride to the center, has a charming small-town feel for those who want to get off the beaten track.
Links:
[1] http://www.moon.com/destinations/peru/lima
[2] http://www.moon.com/destinations/peru/lima/accommodations/barranco
[3] http://www.moon.com/destinations/peru/lima/accommodations/miraflores
[4] http://www.moon.com/destinations/peru/lima/accommodations/san-isidro
[5] http://www.moon.com/destinations/peru/lima/accommodations/central-lima-and-pueblo-libre