You might want to call hotels directly or check www.hotels.com or www.hotrooms.com. Understand that the prices available through Hotels.com is purchased using your credit card online and cannot be refunded. Also prices are subject to change on a daily basis. You usually cannot get these rates from the hotel directly but certainly investigate before you reserve your room. These are only suggestions. Consider also Expedia, Travelocity and Priceline if you have experience with those sites.
These two hotels are the closest, within walking distance.
Ambassador East ( 4 stars) http://www.theambassadoreasthotel.com
The Ambassador is a deluxe hotel, with a great Gold Coast location, just two blocks to North Michigan Avenue. This elegant hotel recaptures the gracious spirit of a bygone era. This hotel is closest to The Lake Shore Music Studio (about 4 blocks). It is a short walk to the zoo or the beach. It also has the famous "Pump Room" restaurant. Several seminar attendees in past years have stayed here and were very satisfied.
Average Nightly Rate approximately $150 and up.
Belden Stratford (4 star)
This is a vintage hotel that caters to upscale business travelers looking for a home away from home feel. Across from Lincoln Park Zoo it is about 5 blocks from the Lake Shore Music Studio. This location offers a very pleasant walk along or through the park. Also easy access to Clark Street bus or very short cab ride. Restaurant "Mon Ami Gabi" is located in the lobby.
Average Nightly Rate $ 150.00 and up.
The hotels liste below are within 2 miles and are all easily accessible to the Lake Shore Music Studio by bus, cab or longer walk.
Inn at Lincoln Park is a privately manged former Days Inn that attempts a kind of B&B atmosphere in a very urban setting. 2 miles from LSMS it is an easy bus ride and a good value typically under $100. Many restaurant choices and stores nearby. Experience the real Chicago outside of the loop in this trendy area at the corner of Clark Street, Lincoln Avenue and Diversey.
The typical rate at the following hotels is between $140 - $199 per night.
House of Blues is the most expensive of this group but promisses a unique experience.
Located in the archetectural landmark Marina City. It is a funky modern hotel with a marked musical theme.
The Allegro also offers a music theme with a jazz club in the lobby. It is located in the theater district but easily accessible by cab or bus.
Tremont - Intimate vintage.
Hotel 71 - Modern highrise hotel on the river just off Michigan Ave.
Whitehall - Intimate vintage. Marian McPartland used to stay here.
Red Roof Chicago - No nonsense tourist hotel.
Club Quarters - Not sure??
There are many more good hotels along and near Michigan Avenue. If you find a good rate you almost can't go wrong.
WARNING: The Congress - Looks like a good deal on Michigan Avenue but not worth the savings. AVOID!
Finally
If you are so inclined there is a very nice youth hostel downtown that is only a few years old and purported to be a great value.
Also there are a number of condo options during the summer which can be quite a good deal particularly if you stay 2 weeks or more and do not care about hotel amenities. Why not bring the family? We had a friend visiting for one month from India stay in a condo a few blocks away last summer and he was quite satisfied. Let us know if you care to explore this option.