The best place to stay in town and not far from campus would be the Ramada (if it's still called that) on Secor Road near I-475.
As far as "night life" Arnie's (Secor), Chuck's (Monroe St.), Nick & Jimmy's (Monroe St.), & The Beer Stube (Monroe St.) are only a couple blocks away from the hotel. I would also suggest Mulvany's Bunker on Door Street. You will have to drive to all these places. There really isn't a nightclub type area in Toledo, except 2 or 3 places east of campus on Bancroft and the Dorr & Byrne intersection. But those are the college scene.