In Wabash Landing, there is a Hilton Garden Inn. Across the Wabash is a Holiday Inn. Both are really nice and have a bus that runs by that is free to the public, the Wabash Trolley. I'm not sure what the frequency is for the summer though. But, you can also walk to campus from the Hilton and Holiday Inn, but the Holiday Inn will definitely be a longer hike.
As for restaurants, Triple XXX (or "Triple X", whatever floats your boat) is something you'll want to try! Hot Box is good, Fuzzy's packed up and left all of the sudden (what a bummer), and there are a few other places plus many recognizable chains. If you are feeling adventurous, there's a place called Taste of China. They have a buffet there and it's really good. If there aren't many people there, you won't have much food to choose from unless you ask. It looks awful from the outside and the inside is dark, but trust me, it's good food when they put it out.