Los Poblanos Inn. Historic property by a the acequia, beautiful view of the Sandia mountains, next door to a big organic farm.Price includes a big gourmet breakfast.
My husband and I love Casa De Suenos, it's on Rio Grande just south of Old Town/Central. It use to be an artists colony with bunch of little bungalos and a garden in the center. It is quite charming and very relaxing. Each bungalow has its own personal hot tub, you can also arrange a massage. You can specify if you want the hot tub inside or outside, I prefer outside. There is one that has a little back porch which is screened in, very private and you can still see the stars. There is a full breakfast served in the morning. Their prices were also reasonably, but it's been several years, I think we last paid 120 or so a night.
There is also the Radison (Carlisle and I-40), they have an indoor water park with slides for the kids. I haven't been there, but friends have and they have given good reviews, nothing negative. Their kids loved it. That was going to be our next hotel adventure.
Best of luck, have fun.
Ooops, forgot places to eat.
New Mexican-Monroes (On Osuna, East of San Mateo), also Durans Pharmacy (On Central E of Rio grande)
Indian-Taj Majal (On Carlisle, just N of Constitution)
Vietnamese- Siam Cafe (On San Mateo, S of Osuna) also Viet Taste (On Menaul E of San Mateo)
General-The Range Cafe (On Wyoming and Montgomery, also Menaul E of University)
Deserts-Flying Star (On Central just W of Carlisle, also Paseo Del Norte and Wyoming, also Menaul E of Louisanna and there are more)
Mos' def. We stand in great admiration of Bahn Mi Coda.
Let's not forget about The Frontier. Fiesta Burger!
I have never stayed at The Hotel Blue, but it is right downtown and gives easy access to a number of fine restaurants (including many mentioned already: Latin Fusion, Flying Star, NYPD Pizza, Asian Noodle Bar, etc.) Also, if you stay there on a Friday night, you can enjoy the Downtown Grower’s Market right outside your front door. - it’s a hopping place.
Late October is a good time. Weather is usually quite mild, and its right after ther hotel-filling Balloon Fiesta, and lots of them are running specials. I think you should consider some of the hotels on Menaul in the mile east of I-25. The area has a number of good restaurants around there, including the Range Cafe, and they are good hotels at reasonable prices.
It would help, though, if you could tell us what neighborhood your friends stay in if you want something close to them.
I do not know the price range you are looking for in a hotel, but we attended a concert in downtown ABQ and we stayed at the Blue hotel. It was a bit dated but the rooms had been remodeled with flat panel TV's and TempurPedic beds. The best news it was only $70 in the heart of downtown. Good restaurants within walking distance.