Sorry missed you were a BU fan...assumed you were heading in for the MSU UofM games
Someone else can chime in, but there are several breakfast places (I'm excluding fastfood) with good reputations, but few within reasonable walking distance of a hotel. Keep in mind Lansing traffic is not Boston. You can easily drive and park here.
Some breakfast places are..
Flap Jack with several locations
Golden Harvest in Lansing's Old Town..very popular..expect a wait and an experience. Old Town is Lansing's art community with interesting shops and restaurants.
Cracker Barrel in Okemos with low cost and large servings
IHOP on Grand River a couple miles east of campus
Some hotel choices
Marriott in downtown East Lansing ..lots of student oriented bars/restaurants nearby. About a mile from the arena.
There are several options near US127 and Lake Lansing Rd. Lots of mostly fastfood and dinner options close by. Courtyard by Marriot, Hampton Inn, and Holiday Inn Express are here. About a 5-10 minute drive to the arena and easy access to freeway.
Cheap option would be the Super 8 on Grand River near IHOP..not close to the freeway
Howard Johnson is on Trowbridge just off the freeway and campus...a few minutes from the arena
Several hotels are at the Okemos exit of I-96 (the road to AA) and close to Cracker Barrel. Fairfield, Holday Inn Express, and Comfort Inn to name a few. These are 10 minutes from the arena.