The FS Palo Alto is more of a business hotel and virtually empty on weekends. There's not much nearby unless you want to cross the overpass to Ikea and some other big box retailers. However East Palo Alto isn't exactly a walkable area.
Stanford campus is nearby but still a 10-15 minute drive with traffic. That said...upgrades are plentiful on the weekends. I booked the cheapest room via Amex FHR and ended up with their 2000 sqft suite. Not bad at all.