- Jay -
I would recommend staying at the Hotel Jay. The hotel is slopeside, and they offer nice packages with meals, lodging and lift tickets. The food is good, especially the breakfast buffet. Last year, they gave you 3 breakfasts, 2 dinners, 3 nights lodging and 3 lift tickets for $400.
- MRG -
It is expensive in the Mad River valley, and there are no cheap motels. You will have to stay at some sort of Inn, B&B or maybe slopeside at the 'Bush. The Inn at Mad River Barn on RT 17 is reasonable. They have a variety of rooms with and without bathrooms. You can stay in a cheap bunkroom and use a shared bath. This is a no frills place, but has all the character in the valley. I've also stayed at Pepper's Lodge and the Sugar Lodge. Expect to spend $100-150 per night at Pepper's and the Sugar Lodge. Most Inns are within that range. The Mad River Barn is cheapest.