I don't know how cheap it is, but there is a holiday inn right in the centre. As for stuff to do, that depends what you like. There are a lot of history related tourist activities or you could just get drunk all day.
Basically most hotel brands have one in the centre.
The Jurys Inn (next to hooters)
Holiday Inn
Travel Lodge
Premier Inn
Ibis
I wouldn't let the above comments put you off. Nottingham is a great city although granted, there are a few dodgy areas but no more than any other of it's size. The centre is very safe though and great for a night out.
Theres a couple of newer ones at chapel bar quarter, the park plaza and a holiday inn express. Very central (just off the square) near some nice bars and restaurants etc. About £80 a night for park plaza, £65 for holiday in express.
As said the caves are trash, the castle is ok if its a nice day. Nottingham contemporary is very much worth a visit. Bridalsmith gate for expensive shopping, Hugo boss is round the corner on st peters gate. Shopping centre wise Victoria centre is far better than the broadmarsh which is poundland central.
Go and have a beer in the old trip to Jerusalem (in a cave next to the castle) and the bell inn on the square, one of them is the oldest pub in the England.
not sure how it compares to the chains, it was a stag weekend so probably pretty cheap I'd guess. Nice hotel on the whole, you can walk to the town centre in 10-15 mins or a cab is about £4
As for passing the day, I'd recommend the pub. There's quite a few interesting pubs around nottingham, but I certainly cant remember the names of any of them..
The pitcher and piano, also worth a visit is the malt cross on st James street, one of only 5 remaining Victorian music halls in the UK, its a lovely place tbh that was saved by a consortium of Nottingham churches would you believe.
Park plaza is fairly nice to be fair... cool bars to visit are pitcher and piano (already mentioned) and depending on your age Coco Tang in lace market is also fairly decent
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