The Homestead Suites have gone WAY downhill the last few years. The only places to eat are a Subway about a 1 mile walk, or the Holiday Inn (about 1 mile as well). The Econolodge is around $5 more per night than Homestead, but is across the parking lot from the Holiday Inn, so eating is a little closer. It is probably the nicest affordable place near the airport currently, but don't take that as a rousing endorsement

Bottom line: the hotel situation in MEM is really bad, especially in the current economy. I gave up, drove a car cross country and got a crashpad.