As far as the hotel, I can't really comment as I've never stayed in a hotel downtown, but there is a new Comfort Suites across the river in Bellevue. There are also the Mariott Riverview and Embassy Suites in Covington which should have a nice view of Downtown Cincinnati.
However, there are a few really nice restaurants you can choose from. On the OH side, there is the Montgomery Inn Boathouse...world famous ribs and excellent food all around. On the KY side, you've got the Waterfront...a riverfront barge bar and restaurant owned by Jeff Ruby with a really nice view of the Cincinnati skyline. If you're looking for the best meal in that price range, I vote for Jeff Ruby's. It's across from the Aronoff Center in Downtown Cincinnati so there's no view per-se but the food (especially the steak) is world class. In the same neighborhood you've also got Nicholson's Tavern...a very well done Scottish Pub with a scotch list the size of a small city phone book.
Those should get you started.
Enjoy your stay!