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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.
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