I don't know how much the Galt House hotel charges downtown but its a great place and a ton of great bars and restaurants within walking distance. If you like boubon the hotel has a bourbon bar that has like every kind of bourbon imaginable.
Edit: I just checked their website and they have rooms for $141 per night that weekend. Also I checked Expedia and the Embassy Suites downtown has rooms for $134 per night. Those are great prices for the convenience of walking to a lot of great nightlife.