There are several high-end hotels and motels near downtown Santa Fe. You will be able to walk to the Plaza and shop and enjoy the town and get to the mountain in less than half an hour.
If you want to save some money, look for any of the motel chains on the south end of Santa Fe off Cerrillos Road. There are plenty of affordable restaurants nearby, and your drive to the mountain will only be about 10 minutes more than staying downtown.
I recently had a friend come out here from out east, and we went to both Ski Santa Fe and Taos. He remarked that Ski Santa Fe was more to his ability, and Taos was just too much mountain. So even though we could have skiied Taos the whole time, we wound up at Ski Santa Fe most of the time and he had a great time.
The contrast between the two resorts is enormous. Taos resembles a quaint little swiss ski village, with several good dining opportunities, gift shops, condos, and bars. At Ski Santa Fe you will find families that have packed their own lunches, and you cannot get a drink there unless you can get to Totemoff's which is on the mountain.
Taos is better for advanced skiiers and those that want a resort experience. Ski Santa Fe is a good beginner to intermediate mountain for those that want to ski, although there are some runs that will challenge advanced skiiers such as Tequila Sunrise, Avalanche Bowl and Big Rocks.
I was at Ski Santa Fe this weekend. Snow coverage is good, with packed powder. Temperatures were on the cold side, as they usually are this time of year.