Not sure what your travel expense situation is like if its for work or whatever, but Hotel ZaZa which is right across from the main entrance to Rice is supposed to be a very nice hotel (it's a boutique Texas chain). I've never stayed there, only been to the lobby bar. Other than that I'd pick a place downtown, there are lots of good restaurants particularly on the northern part of Downtown.

Feel free to post here or PM me with any specific questions.