@purpleish - you just need to walk to the main road (Osmena) then cross. The Jollibee is beside Cebu Doctors Hospital. 3 mins walk tops. There is also a Jo's Chicken Inato (chicken inasal) & an Orange Brutus (30 year old Cebuano fast food chain - I've loved them since I was a kid) & a Red Ribbon on the opposite end of the street.
Also, madaming kainan near Hotel Stella
one of the best seafood restaurants in the city, STK Ta Bay! is less than 5 mins walk away from it (beside STK are several other places to eat - bbq or grilled seafood) & on the same street as Hotel Stella there is also One Claypot House which serves asian regional specialties (Malay, Singaporean, etc.)
Fuente Osmena Circle is 360 meters away by walk - less than 10 mins. Not so far for us & we're used to walking but as you said you had kids so baka that was the deciding factor
We stayed at Hotel Stella to test it again last Nov 3-5. The first time we stayed here was last March. We got the standard room this time without breakfast, first time we got the deluxe. It's impressive for a hotel that falls under the budget category even if it can run a bit small. Water pressure in the shower is OK. Rooms & bed linen are clean, no funky smell!
Crimson is OK but can get overcrowded. You'll notice it during breakfast. It's very popular with Koreans