Can anyone suggest a hotel nearby that is reasonable rate?

I always use Hotels.com and Booking.com when I search for hotels. The prices will vary depending on the date and if its peak season. I went there recently like two weeks ago and stayed at Whitehall Hotel which is at the magnificent mile itself. I stayed for 8 nights for $1100 plus. It was pretty reasonable price considering that eveything is walking distance. From the hotel to the Immersive Van Gogh it was like 16-20 mins ride depending on traffic. You can also use the bus which is much cheaper way to explore the city. The cheapest hotels I could think of would be at the outskirts of the city like in Schaumburg. It really is by chance that you'll find a reasonable hotel rate within the city. I hope this helps.

Check Groupon, I got a pretty good deal there

I would try priceline or the like.