A good hotel - cheaper than others in the area. Close to the lake, and the centre of the town. Try and check out the gym that the Hotel can get you into - it's a 5 minute walk away from the hotel, but really good. Steam room, sauna, solarium etc - also fitness equipment if you want it! Also try swimming in the lake - it's fantastic.
Breakfast is average, and you eat in the upstairs of McD's which is a bit strange. Also, on the downside - they have lovely big feather pillows/duvets etc. But being allergic, I asked for them to be changed and I got a tiny little pillow instead - gutted!
Overall though - I'd recommend the Hirschen as a slightly cheaper option than the others in the town.

Hotel Hirschen is located right across the street from the train station. A McDonald's restaurant is below it on the lakeside. Inside, however, you are transported into a charming, luxurious inn. We had a room on the top floor with a queen size bed and a sofa bed for the 2 children (Room 43). Beams from the original building graced the ceiling.
The breakfast buffet is very plentiful. The staff is very accommodating to one's needs. Rapperswil is such a small town that everything was within a quick walk of the hotel.