Unfortunately, there aren't any great hotels near campus. The southside of chicago is, well, the southside of chicago. There is a ramada or something, but it looks pretty dumpy. My advice would be to hotwire/priceline anything in the downtown area and cab it. It's maybe a $15 ride. On the way home, it's easy enough to get a cab from the hotel to a redline stop to take the El back (the reverse is less true; it'd be difficult to take the redline from your hotel and get a cab from the redline stop to campus cuz there won't be cabs at the stop). If you're really strapped for cash, you can take the Metra (commuter rail, not the El) from downtown to hyde park and then walk a little less than a mile to the department. When I interviewed back in 2004, I stayed with a friend on the far northside, but met one of the chiefs at the dinner before and he lived nearby and drove me (what a guy!). Maybe you'll have the same luck.
BTW, I'm a PGY3 there and would be happy to help out or answer any questions... PM me (although I'll be at ASA the next few days and unable to answer).
Transportation? 
