Airport: Closest airport is the Boston Logan International Airport. By taxi from Logan airport to MIT Campus in Cambridge takes around 20 minutes (costing $15-$20). You can also catch the Silverline T line (an airport bus) to connect the Red Line metro subway. MIT is at the Kendall/MIT Station on the Red Line.
Hotels: Hotels near MIT Campus can be expensive, so we have been advising people to find any hotel close to the Red Line T subway line. The MIT campus is located at the Red Line "MIT/Kendall Station" (Kendall Square).
The Media Lab is just 2 minutes walk from the MIT/Kendall Station (ie. Kendall Square). Additionally, to get to other parts of MIT from Kendall Square there is a white MIT Tech Shuttle (free) that goes around campus every 20 minutes. You can get on the Tech Shuttle in front of the MIT Press Bookstore at Kendall Square (on the street level, next to the Red Line subway entrance).
MIT's list of hotels: List of hotels at or near MIT.
Below is a list of hotels that are near to the Red Line subway line: