slowtrav may also have some good info on London apts

How old are your toddlers?

Another voice for an apartment ... we typically eat breakfast and dinner in the apartment and splurge on lunch out. Or, sadly, sometimes eat crappy-but-expensive take-away lunch on the go.

I have rented apartments through Home From Home and been very happy with their service and properties. I've rented a 1BR but you may prefer 2 ... so can't offer any scoop on a particular 2 BR flat. But in terms of neighborhoods, I will say that when we stayed in Holland Park, we were about a block from Holland Park itself, with its two playgrounds, which was fabulous. The toddler lot is a little small, but the bigger-kid playground worked great for my four-year-old, who loved the zip line. There is also a kid-friendly Giraffe restaurant and an ice cream store in the neighborhood, plus the second branch of Daunt's Books, which has a nice kids section.

Another time we rented a flat near Sloane Square. It worked great for us, but the main advantage of that neighborhood is easy access (by bus or Tube) to the Kensington museums, which may not be such a draw for you, depending on age. (Well, plus the grown-up shopping, etc of Chelsea).

Some of our successful London activities have been:

Playgrounds -- Holland Park, the Princess Diana playground in Kensington Gardens, Corams' Fields in Bloomsbury
London Transport Museum, followed by watching the buskers at Covent Garden
Boat ride to Greenwich, followed by trip to the naval museum there
Science Museum -- very interactive, good younger-kid play area in the basement
Daytrip to Hampton Court Palace -- they have (or at least had) people playing Tudor-era court characters, including Henry VIII, which my daughter found very exciting
Hackney City Farm (there are other city farms around too, but we do a full Sunday morning in the East End -- Columbia Road Flower Market early, before it gets super-crowded, followed by breakfast at the cafe at the farm)
Childrens' theater activities at the National Theatre -- we were there last summer during Children's Theatre week; many of the West End shows offer free tickets to kids, but the shows are still too mature for young kids. However, the National had some lovely performances appropriate to the younger crowd, plus a behind-the-scenes theater tour for kids and their families

I would NOT recommend the London Aquarium for the (steep) price; it's an ok exhibit but not worth that kind of money. It was also a long wait and quite crowded.

http://www.londontoddler.com/

pizza, pubs, and big breakfasts. Also stock up on pantry foods when you get there. 3 meals in a restaurant with toddlers is MY nightmare.

I would second the idea of an apt.

This thread has some good suggestions, not just of food but also things to do--

http://www.dcurbanmom.com/jforum/posts/list/163720.page#1511981

London is filled with parks, and many of them have playgrounds, so take some time to stop and play every once in a while.

PP here. You can get a bigger aprtmt but I was thinking you could put the toddlers in the bedroom and have a sofa bed with tv, etc. for evenings for nights you are in. As for things to do, take them to see the changing of the guard at Whitehall. I think that is near one of the nicer parks where there will be swans and ducks. Take a boat ride on the Thames. They are probably too young for some of the museums. The London Eye ferris wheel is nice and I would think toddler friendly. Another idea is a hop on hop off bus. You can hold them and if they begin to fuss, you can hop off. it is nice way to get around and listen to the tour guide.

Look into renting a one bedroom apartment. Google it and you will find lots of options. You won't have to go out for every meal and that will probably make it easier with two toddlers. Also a lot less money.

Please provide recommendations for hotels, places to eat and things to to. We'd like a hotel or a place to rent for 5 days where we don't have to share a bathroom and that is nicer than the average European hotel. I'd really rather not go but I have to visit an elderly aunt. Any suggestions you have would be really appreciated.