I’m off to a conference in Chicago with around 6 others at the end of March. Any suggestions for somewhere to stay for 5-7 days? We’re all poor PhD students so at the moment the youth hostel is the default option.

Chicago covers a pretty big area. Where abouts?

The conference is at the Hyatt Regency, McCormick Place.

From what little I’ve seen of Chicago on business trips, you might as well stay near the conference.
Avoid The Loop area, as it’s the business district and pretty rubbsih for going out in. The most fun area appears to be a few blocks north of the river/wacker drive. But you might as well just get the train or taxi there from your hotel.