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If downtown is out, then Rosemost/O'hare area is the only option IMO.
There are plenty of really nice (westin comes to mind immediately, hyatt is there.. others) hotels, and a bunch of lesser ones depending on what you're looking for.
But really.. stay downtown. The prices likely are going to be pretty similiar, and you can walk/subway it to just about everything if you stay in the right place.
-Phil
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