Either downtown or near Rice would be fine. If it’s over a weekend, a lot of downtown hotels have very good rates. I don’t know off the top of my head, but I would think under $200 would be quite doable.
Usually you can get a good rate at the Embassy Suites by Discovery Green. You’d have multiple rooms, decent free breakfast and free booze for managers happy hour. Bonus. 2 Minute walk to the train that drops you off at UH.