The PAC-12 Tournament is, as you probably know, March 6-9 in Seattle. I've received a promotional email from the Hotel Five, a new-ish establishment that is not far from the Seattle Center and Key Arena. There are three promotions available, click here to view the hotel's page with the best deal, your third night free on a stay of three or more consecutive nights—perfect for the tournament. From that page, click in the upper left to view the other two deals, one for 15% off and one for a glass-blowing experience. If that doesn't work, try this link and make sure to include the promo code SEA109. That should get rates less than $120/night.
Hotel Five gets four stars from yelp reviewers. The walk to the front door of Key Arena is about 0.8 miles, per Google maps.