Ya, most of the on mountain lodging is relatively new which makes it a tad expensive, especially at the Hotel right at the main base but it's awesome. There's lots of condos right off the hill though and plenty of B&Bs as mentioned. There's also a Comfort Inn I believe, if it's not that it's something close, I haven't been out there in like three years so I can't remember exactly what chain it was.
If you're going for absolute savings you could stay about 20 minutes away in Olean/Alleghany right across from St. Bonaventure's campus which is beautiful (And my Alma Mater Whoop Whoop) at any of the main chain Hotels for around $80 a night. Oh and make sure you ride Swiss Twist while there, it's hidden but a super fun run if you can find it. Spent four years going to college and teaching lessons out there, you'll have a great time.