If you don't have much luggage (don't try it if you're lugging your Loius Vuitton steamer trunk), want to travel as cheaply as possible, and are up for some public transit adventure, the TTC (bus/subway) is the way to go. The bus comes about every 15 minutes - and I think at T3 it leaves from the DEPARTURES level (one floor up from arrivals).

Your hotel is one short block north of College subway stop. After getting on the bus (hang on tight - it's a normal city bus that zips down the highway), you will have to take the Bloor line east to Yonge, then go south for two stops. If the bus doesn't hit traffic on the 427, the whole journey will take 45 to 50 minutes.

Note that you will need $2.25 CDN exact change each to get on the bus (although they will gladly take USD at par!). The bus will drop you off right in the subway terminal, so no need to pay again for the subway.

btw, your hotel is very centrally located. A block away from Woody's!

Enjoy your stay in T.O.