Yep, Chavelodge is within walking distance. Cheap and cheerful. If you're going to stay there I'd recommend skipping breakfast and getting one of the excellent fry-ups served at the CAA canteen (3rd floor). The hotel food was pretty dire when I stayed there (got a pizza delivery instead) and the wine was simply wank.
Personally I prefer the
Ramada Plaza which is a much better class, very reasonably priced and has a pool to unwind in. It's a 20min walk through the industrial estate, although there is a shuttle bus which goes right past City Place which is about £3 or something.