Here are two hotels that are near the lightrail line just one stop away at Colorado Blvd. See http://www.rtd-denver.com/lightRail_subHome.shtml and http://www.rtd-denver.com/parknRide/pnR_Aerial_Maps/Colorado_Station.pdf for more info.
La Quinta Inn Denver Cherry Creek
1975 S. Colorado Blvd.,Denver, CO 80222-7902
Phone: 1-303-758-8886
(This is right next to the lightrail station.)
Fairfield Inn & Suites by Marriott Denver Cherry Creek
1680 South Colorado Blvd, Denver, CO 80222
Phone: 1-303-691-2223
(This is on the north side of I-25. It is about a 5 minute walk over the highway to get to the lightrail station.)
You can find reviews at Tripadvisor.com for these two locations (La Quinta and Fairfield), as well as many other hotels up and down Colorado Blvd.
If you would like to try to share a hotel room, please post the information on the "Sharing" page.
Khue Duong has posted additional information about hostels. Here are the 3 hostels that a Google search provides: