Other hotels in walking distance include:
The Aloft Hotel (across the street from the Loft; have heard they've got a low rate)
Here's a fuller list of nearby hotels (and by nearby I mean reasonably accessible from the Hiawatha Light Rail, which runs from the airport to downtown).
Finally, staying out by the airport or the Mall of America might get you cheaper rates and more options. Getting to the site by the Hiawatha Light Rail from either place is very easy. I'll post directions as we get closer.