When I made my Red Lion reservation, it was $59/nite +tax.
There is also another place I thought about staying instead, right across from the Convention Center, and I think I saw it was $35/nite -- but all the rooms available for internet booking were smoking rooms, so I passed. But there are other motels there as well, and probably cheaper than the Red Lion.
Also you may want to consider finding a roommate to share costs.
Distance: the exit is around mile 168 or 170 -- so about 2 hours of driving fast from Reno.
(That is not meant to condone speeding -- speeding kills!)