For a one night trip you can use a very light weight suit bag (often are supplied with new suits by the retailer) and carry it on.
Very, very carefully you can fold it in half the short way and put it into the overhead bin but there is a huge risk someone will bash it by putting a carry on bag on top of it. We only do this if we have a very short trip with no connections.
My company requires that we travel in full business attire with no exceptions even if flying to Singapore! For a one night trip we only take personal items, electric gear, clean underwear and a fresh shirt (for the guys).
Do not travel in sports wear as you never know who you will meet while flying!
There are dozens of tips on suit packing on this topic. Once you get used to the idea, it will be easy.