What is your preference? Cheap? Luxury? etc.
The hotels most commonly used by tracksters are the Comfort Inn and the Ramada Limited on OH 97 at I-71 exit 165. Both are pretty new and quite nice; nightly rates are $60-70. You will find them listed in websites as Bellville, Ohio. There is also a Days Inn at the same exit that is okay as well, if not quite as nice as the first two.
If you are looking to save money, the Travelodge on Hanley Road at exit 169 is the bargain in the area - not as new or luxurious as the others (no indoor swimming pool), but I've stayed there plenty of times and it's clean and decent, for around $40/night. Listed in websites as the South Mansfield Travelodge.
All of these hotels are less than 15 minutes from the track. Just go west on the road the hotel is on (OH 97 or Hanley Road) till you hit US 42, and turn left. You'll go into Lexington, go straight after the gas station on the right in town (NOT taking the slight left turn for US 42). Right after the road swings to the right at the fire station, turn left onto Steam Corners Road. It's then about four miles to the track.