The Premier Inn at Haymarket is a new build budget hotel and should be up to a decent, but basic, standard.
Haymarket is in Edinburgh's West End and you're only about 10 minutes walk from the end of Princes Street.
There's a few good pubs nearby.
The Haymarket Bar a smart chain pub (Nicholsons) with a large selection of real ales.
Thomson's Bar A trditional Scottish bar selling homemade pies plus a good selection of ale.
Berts Bar this used to be my local. Decent selection of beer and pub food.
Teuchters across the road from Berts. Has a decent restaurant underneath.
Mathers Bar a typical stand up traditional Scottish bar with a decent selection of ale.
There's a good Indian restaurant facing the Haymarket pub called Omars as well.
There's loads of good pubs in Edinburgh, several mentioned by Hondo, that are well worth a trip to.
Nothing's that far away in Edinburgh really as it's quite a compact city, nothing like the sprawling mass that is Toronto.
The ones I've suggested are within easy reach of your hotel.