I've had good luck with Priceline.com for single night hotel rooms in memphis. Of course you'll need a car ...
Also, I believe FedEx ALPA arranged a special rate at one of the local hotels. Unfortunately, I can't seem to find it in my address book (call them) but there's one in Germantown and one at the airport. I think the airport location will pick you up?
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ONE TEQUILA, TWO TEQUILA, THREE TEQUILA, FLOOR.
You could always stay at the hollow points for 47(fedex discount), I think there are a couple of hotles at the Perkins exit(around the same price, and more of a green zone area). You could always stay at the double tree on poplar where they put up the hotel standbys, and you get a free cookie
Albie's favorite is a 45min drive South at the Strike or the Grand, just depends on how "lucky" you feel, and you will get a free buffet!
Hollow Point inn is now $60... something about the barrel of oil being above $140.
Do they still have the live fire exercise every morning around 2am? Had a friend a few years back who checked in, put on his running gear and off he went. When he returned from his run, there was nothing in his room, zip, nada, zilch, zero. Running shoes, shorts and a sweat soaked t-shirt was all he had. BTW, he missed the trip on the AM launch, apparently not a team player.