Tempe Mission Palms is a great hotel. The prices are not too bad, and it is in downtown Tempe. ASU is right next to the hotel.
It can a little noisy if your room is at the front of the hotel, as it will most likely face the clubs the are on two sides.
There are shops are restaurants with walking distance which is really nice.
They have a great breakfast too, which perfect after a good night on Mill Avenue.