That hotel you mention looks decent. But its standard rates are nothing to write home about, IMO:

"Guest Room with Queen-Size Bed: $92 ~ $109
Guest Room with 2 Double (Extra-Long) Beds: $109 ~ $129
Guest Room with King Bed: $109 ~ $129

Special Event Rates:

Guest Room with Queen-Size Bed: $109 ~ $149
Guest Room with 2 Double (Extra-Long) Beds: $119 ~ $159
Guest Room with King Bed: $119 ~ $159"

Then you have to take the Orange Line 30 minutes+ each way.

I'm consistently Hotwiring 3.5-4-star downtown hotels around those figures. For a family visit on Jun 4-7 I got Embassy Suites Lakeshore for $115 (vs. $179 direct), including breakfast buffet for 4 people, and manager's reception (all the crappy beer and "House of Usher" scotch you can drink for free!).

I could have had the Palmer House via Hotwire for $89, and the Hyatt McCormick/Hilton Chicago for $86.

I've just about given up looking at hotel websites when the upcharge is so drastic.