Probably my favorite place to stay in the Chicagoland area is the Hampton Inn and Suites in Addison. Located just off of I-355 at the Lake Street exit, it's easy access to nearly every where in Chicago (it's near where I-355 and I-290 meet).
The place has been open for a little over 2 years now and is still pretty new in it's feel and look. The staff is always great to me and they usually put me in one of the suites on the main floor for the regular room price (which runs about $99 to $109 a night). They have a pretty good breakfast bar in the morning with a lot of items to choose from.
Over the last few months, a number of restaurants have sprung up along Lake Street. A couple years ago, there were a couple three restaurants to choose from. There's now a Famous Dave's, a Giordano's and a Home Run Inn for pizza, there's Mexican, Italian, and family restaurants up and down Lake Ave. And for the grown up kids, Dave and Buster's is right across I-355 south of Lake. So there's a lot of places to choose from when you're hungry.
If you don't mind driving, the Hampton Inn and Suites in Addison is a great place to spend the night if you want to go into downtown Chicago for a day. I highly recommend it.