Last year, I stayed at the Lakeview Inn. It is a part of the High Peaks Resort, but it is an older section and more economical. My room overlooked Mirror Lake with a small balcony. The room was huge, quiet, clean, and comfortable. I had a special rate that probably isn't available on MLK weekend, but I only paid $70-80 per night. It's right on Saranac, walking distance to everything. Shuttle to Whiteface. This place is more like an old Holiday Inn than a rustic grand hotel. No pine walls or log furniture. Just a comfy bed, a coffee maker, dorm fridge and microwave. If that suits your style, try it.
My second choice is the Crown Plaza at the other end of town.
If you have money, you can't beat the Mirror lake Inn for rustic charm. It's three times the price of Lakeview. I don't like to spend that much just to sleep. When I come back to the room after skiing, I want a shower and a vodka, some dinner and I crash. I leave the partying to the young.
If you are having fun, you are doing it right.