Agreed, there's nothing interesting to see near the airport, there are three chain hotels there - Park Royal / Holiday Inn / Ibis.
If you choose to travel by public transport (tram + airport bus) from Station Pier, you will need to travel through Melbourne city, so consider staying overnight at a hotel in the city - there are plenty to choose from. There is plenty to see and do in the city if you've never visited before and a multitude of places to eat and drink. If you are planning to take the airport bus, pick a hotel near Southern Cross Station, which is the main bus terminus and will also be near the tram line from Station Pier. If you are travelling by taxi/Uber/etc the hotel location doesn't matter so much.
Allow plenty of time to get to the airport for an 11 am flight. To arrive at the airport for check in at 8:30-9:00am you will be travelling at peak travel times from the city.