I think that the nearest and cheapest hostel are in blagnac airport area but you will need a car.
Hôtel Formule 1
av Didier Daurat 31700 Blagnac
N° à tarif spécial : .08 91 70 54 10
Hôtel Ibis
80 av Parc 31700 Blagnac
05 34 55 04 55
this one is great deal on the internet site
http://www.ibishotel.com/ibis/fr/decouvrez/vitabis.shtml
the toulouse blagnac and the toulouse centre are quite near from the site. you can go by bus for both.
there are also premier classe wich are better than formule1
Hôtel Première Classe
2 r René Rey 31700 Blagnac
http://www.premiereclasse.fr/
and finaly for those who have more money
http://www.campanile.fr//?l=fr
the campanile toulouse ouest is really near from the site.
there is also a sofitel (200m from the site) and a novotel but they are really expensive.
For the food you have commercial center near but you can eat pigs and a lot of ducks wich is the local speciality.
I hope that this advises will be usefull.
patrice dagnir dae/toulouse