The Brownstone Holiday Inn is the closest hotel to campus. It is located within walking distance of campus (two blocks from campus, NOT two blocks from the performance halls).
Two blocks farther down the same street (Hillsborough Street) is the Velvet Cloak Inn. This hotel functions as a condo-hotel. So, many of the spaces are actually owned by individuals and rented as hotel rooms/suites through the centralized front desk.
For those interested in a Bed and Breakfast, the Cameron Park Inn B&B is also close by.
For those looking for a less expensive place reasonably close, (but definitely driving distance) the Red Roof Inn on South Saunders Street might be appropriate.
There are many other hotel choices in Raleigh.