As you may know Hotels in Cambridge tend to be expensive, if you just want a decent place to sleep travelodge cambridge central is fine and not too expensive.
I have stayed there a few times when working in Cambridge and it is located on the edge of the city centre near the railway station.
However parking there is extra.
There are several restuarants in the adjacent cinema/entertainment complex.
Accomodation in Cambridge gets scarce and expensive if there are any big events on in locally or in the University, graduations etc.