Piccadilly station and the MEN are on opposite ends of town, but it's only 10 minutes walk between the two.
If you want cheap, there's a Premier Inn round the corner from the MEN, just over the bridge into Salford.
http://www.premierinn.com/en/hotel/M...men/printworks
If you want cheap beer, there's two pubs back to back with a top courtyard for drinking in just outside the City entrance to the Arena, call The Wellington and Sinclairs Oyster Bar.
http://www.manchesterbarguide.com/?p=260