Hotel - This depends on how cheap you are. A Park and Fly at the HoJo South Portland runs around $100 before taxes (2 star). A Park and Fly at Embassy Suites runs around $200-250 (3 star ... quite nice).
Both Have a shuttle to the airport for free. Hojo has a simple breakfast, Embassy has a much better breakfast, plus a managers reception in the evening (free snacks).
Eat? Usually we get there at 5 to 6pm and fly out the next morning, so I'm not experienced with their restuarants. I go to Hannafords, a grocery store nearby, its like Sobeys (actually Sobeys owned them until a few years ago). There is also the Maine Mall ...
Both of the fore mentioned hotels are close enough that a 5 minute drive would get you to eateries ....
Note: There are numerous other hotels in this area ... just be careful when searching. It would be easy to confuse Portland Maine with Portland Oregon.
Ted