Hi Lou, have you looked at google earth? The hotel leads onto the pedestrianised area in Hurghada. I've never walked up as far as the Steigenberger but there are plenty of shops, bars and restaurants further along the promenade all of which will be reasonably priced. If you turn left out of the hotel you are probably about 20 minutes walk or so from the Hard Rock Cafe and a couple of minutes further along is the Grand Mall of the Grand Resort (nice but more expensive than the other bars).
You must be kicking yourself you booked the wrong hotel but as Lyn says its probably fate! I've stayed 4 times at the 5* Grand Resort and 4 times at the lower rated Grand hotel. Reviews suggest that the Grand is a complete dump with appalling service but my experience couldn't have been further from that. Yes, compared to its sister hotel it is dated and very shabby, the rooms being very basic but the service we received was second to none and we loved their Lebanese food. In fact we enjoyed it enough to go 4 times in 13 months!
Anyway the purpose of rambling about the Grand is to say that I'm sure you'll still have a wonderful time even if its not the best hotel! The weather will be fabulous in March - just getting hot but not enough to stop you doing anything and warm enough to be without a coat at night!
Have a wonderful time,
Regards Caro