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A popular hotel this year is the Belden-Stratford, just south of Fullerton and on the Lake. Ask for a view of Lake Michigan or downtown!
Belden-Stratford
2300 N Lincoln Park W, Chicago, 60614 -
(773) 281-2900
Rates Per Night: $89 - $299

Chicago's Wicker Park neighborhood offers a lot of shopping and dining. Centered on the busy intersection of North, Milwaukee, and Damen Avenues [map] the closest accomodationations are two nearby B&B's:
The Wicker Park Inn
1329 N Wicker Park Avenue, Chicago, 60622 -
(773) 486-2743
Rooms: 3
Rates Per Night: $89 - $135
House of Two Urns
1239 N Greenview Ave, Chicago, 60622 -
(773) 235-1408
Rooms: 4
Rates Per Night: $89 - $155
...both are "charming" - not exactly to modernist taste - but offer the best location for MODchicago events, shopping, and dining. If you are interested in a Chicago B&B, see also: www.bedandbreakfast.com

Outside of Wicker Park, look for a hotel with nearby CTA trains. The CTA Blue Line takes you to Wicker Park and O'Hare Airport; CTA Brown Line to Delilah's; CTA Orange Line to Midway Airport. For CTA maps and schedules, visit www.transitchicago.com

Hotels on the north side offer good shopping, atmosphere, and, perhaps, cheaper rates than hotels downtown or in the Loop. If you plan on using public transportation, you will have to take a train to downtown and transfer to the CTA Blue Line to Wicker Park. Of course, there are cabs available from any hotel to every MODchicago event.

The City Suites Hotel is located on Belmont, in Chicago's Lake View neighborhood. The CTA "el" train is steps away, with both Brown and Red line stops. Frommer's rates it one of the city's best, and is probably a good place to look for a room (the CTA is doing construction on the nearby Red line, so be sure to ask if that is going to be an issue). Dozens of shops are nearby, from vintage and new clothing to vinyl. Near the corner of Diversy and Clark are two larger hotels, the Days Inn Lincoln Park North, where many have stayed for past weekenders, and The Inn at Lincoln Park. Both are within walking distance of the CTA Brown line, Belmont shopping, and Delilah's (although Delilah's would perhaps be a longer walk than you'd want if you aren't sober--take a cab back). Just a few blocks north of this corner is The Willows, just off Broadway, near the CTA Brown line and Belmont shopping. Further north in Lake View is the Best Western Hawthorne Terrace, on Broadway just north of Belmont and shopping.

Downtown hotels in "the Loop" offer access to every CTA train line and the best public transportation options. If you are going to stay in the Loop, ask the hotel how far they are from the brown line, for Thursday at Delilah's, and the blue line, for Friday and Saturday in Wicker Park. Most of your online deal sites are going to book you in a hotel downtown. The Loop's Hotel Burnham is a top boutique hotel in the city, housed in a restored landmark 1895 skyscraper, The Reliance Building, with a good restaurant - The Atwood Cafe - named after the building's architect, Charles Atwood. Also, HI-Chicago has a downtown hostel, a recommended choice if you're looking for the most affordable lodging - only $30 + tax for HI members, and just $33 + tax otherwise. Check Lonely Planet for booking deals.

Looking for something riche? The Sofitel has a hotel near N Michigan Ave, designed by French architect Jean-Paul Viguier that has become popular with the weekender crowd. And there is a W hotel on Lake Shore Drive - amazing lakefront views here. Live it up! These are both within walking distance of Chicago's famous "Magnificent Mile" - Michigan Avenue.

For best rates, of course, check the various online hotel and reservation sites. Frommer's has a few budget recommendations if you're interested in saving extra cash (to spend on rare vinyl, of course!).