Gramercy place was a lovely hostel to stay at. The price is good, the facilities great and the people I met during my short stay were all really nice :) buses are pretty good from here - there's a bus straight up to the sight seeing bits of Hollywood and a couple of connections get you to Beverly Hills and out to Santa Monica. I'd definitely make sure you have Google maps to hand though. There's not much to see in the immediate area if you're sightseeing like myself but there are useful grocery and printing stores etc and as I said I found it pretty easy to get around by bus as the location is pretty central :)