Mt. Hood is a popular recreational area with lots of lodging options.
Inn at Cooper Spur is the closest, just 12 miles from Mt. Hood Meadows. Weekend room rates start at $109:

www.cooperspur.com/lodging.htm

Hood River is approximately 32 miles from Mt Hood Meadows and a popular lodging spot for skiers.
The Best Western Hood River Inn has standard doubles starting at $89.00:

www.hoodriverinn.com

The Hood River Comfort Suites is brand new. Prices start at $79.00:

www.comfortsuites.com

For more lodging options visit the Mt. Hood Meadows lodging page:

www.skihood.com/GetHereStayHere/Lodging/Default.aspx