Hyatt Regency used to be the Holiday Inn. I believe all their rooms have not been converted, so should be decent. Elevators are a challenge.
You are right in the heart of the entertainment district, so no shortage of things to do, places to eat, drink, etc. A few highlights;
* The Bell Lightbox - next door. Classic films, art films, foreign films in a beautiful atmosphere. It's the permanent part of the Toronto Film Festival.
* The King Street "strip" of restaurants. Across the street. They run from lovely to terrible, but there are some gems like the Kit Kat.
* Sports Bars -- Gretzky's is just down Blue Jays Way, and they show virtually every game. There's a Fionn MacCools near Front & Bluejays.
* Second City Comedy Club - if your room faces South you can see it out your window. Always a fun time.
* Other places a short walk away - Le Select Bistro, The Bier Markt (King St. location), Smokeless Joe's (beer bar).
And finally, for pure eye candy, it's hard to beat the parade of 19-year-old girls in short skirts on Richmond Street every Friday and Saturday night - even in winter. The club traffic in that neighbourhood is crazy - but I would avoid it after midnight.
Have fun!