(FORTUNE Magazine) – IN A CITY KNOWN for its jaw-droppingly luxurious hotels, the recent opening of the Landmark Mandarin Oriental in Hong Kong has raised the bar. Perfectly situated in Central, the main business district, the hotel also abuts the best retail, restaurant, and nightlife action in town. Of course, business travelers might prefer to remain on the premises and sample the MO Bar, a two-story extravaganza complete with a moving glass drawbridge and its own lily pond. Most rooms include seven-foot round bathtubs and "rain forest showers," and the 2,000-square-foot Presidential Suite has a private spa. Make sure to pack your workout clothes for the 20,000-square-foot fitness center and spa, an extra duffel bag (Hong Kong shopping makes Madison Avenue look like a mall in South Dakota, and the largest Armani store in the world is next door), and your expense account--you'll be needing it. Rack rates start at $515, but go online for special deals (Internet rates are as low as $348). mandarinoriental.com