Well, there are quite a few. This is coming from a seasoned veteran who has been in all of them while at MTU. The highlights for me are/were, KBC, Dog house (Armando's), DownTowner, and the B&B in Houghton. The Ramada has a nice bar, UpHill41 (new owners now, don't know if name changed), Nutini's, Bleacher's, Crystal Room, and the Monte Carlo in Hancock. There are others that I'm forgetting, the Crystal Room might be closed now. If you stay at the Ramada or Super 8, all of these are within walking (stumbling) distance.
Also, FYI, if your plans pushed to the first week in Feb., all of the hotels in Houghton/Hancock will be booked due to MTU's winter carnival, which is Feb. 5th-8th this year.