During Memorial Day there is usually beautiful sunny weather. As far as lodging, the Valley itself offers a wide variety of accommodations. However, if you are looking to stay outside of the Valley, Yosemite View Lodge is just a short drive up CA-140 in El Portal and Yosemite Rush Creek Lodge a few miles outside of the Valley on CA-120.
Yosemite village has few options to stay and is central place. Toulomne meadows may open during this time of the year, check weather though.
The weather is beautiful during the memorial holiday. There are many hotels inside the park to stay, and if you dont want to drive aroind the park during your stay you could take the shuttle or rent bikes.
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