When the Alpha Gams were in Chicago (twice) this year, we stayed on the Magnificent Mile and were very easily able to walk around to most of the big tourist destinations. When we couldn't walk, we took cabs. When there's 3 or 4 people in the cab, its actually very affordable--much more affordable than spending the $20-$30 for parking at the hotels!

Oh, and if you can stay at the Hard Rock for around $150 a night--DO IT. Its a good location and when we were looking at rooms for our stay in October, HR was charging nearly $400 per night. $150 is a steal.

Do not even think about driving in the Loop. It's crazy and so are the drivers. I work downtown and I take public transit. I have no problem with it. El trains and buses run pretty frequently (some 24 hours) and you can buy visitors passes, 1-5 days, ranging from $5 (1 day) to $18 (5 days)...normal fare is $1.75 and transfers are 25 cents, so the passes are a good deal.

By the way, I did a bit of googling and found that the Best Western River North, which is also right downtown, has free parking. Here's the website: http://www.rivernorthhotel.com/

As for places to go, some say it is overrated but I happen to love Wrigleyville. Yes, it is fairly yuppified but there are some fun stores and restaurants around there. And Wrigley Field is a shrine.

And you can also stop by Tribune Tower and say hi to me. :D