Heck, yes!
The Animal Kingdom Lodge could have been built on the perimiter of Kilimanjaro Safaris - far enough away from the ride's roads so guests couldn't hear the jeeps and the CM's narration, but close enough so they could set up areas similar to the 3 savannahs at the AKL. Perhaps they could have built the nightime "homes" of the animals between the hotel and Kilimanjaro Safaris, so each morning they could "rotate" animals between the safari ride and the hotel's savannah.
Since they didn't do that, how about a hotel in the Magic Kingdom? Clear out the area next to Space Mountain, relocate the Indy Cars if need be, and plop it down. Let the MK Railroad go right through it, sorta like it does at Splash Mountain. There would be a park entrance somewhere so guests could enter the Magic Kingdom from the hotel, and MK guests could go to the hotel for lunch. I don't think this would be too hard; think of the gate at the Rainforest Cafe inside the Animal Kingdom.
Theme? Build it to resemble a famous house in a Disney movie. Could be a palace of some sort, but would have to be different enough from Cinderella Castle to be... well... different - maybe like the castle in Aladdin. There are plenty other homes or buidings or whatever to think of... maybe even an "underwater" themed place a la The Little Mermaid.
Of course, there would be a 2nd or 3rd floor restaurant with windows facing the Magic Kingdom, so not only those that could afford such a hotel could experience the "magic" of this place.