Yeah, that price sounds about right for a Hilton in summer. You may be able to get a
AAA discount or a hotels.com/expedia/travelocity discount. If you know you want THAT hotel, look it up on a few sites, including booking directly. Sometimes you can save a lot of money, particularly at the nicer hotels.
There is a Sheraton next door to the Hilton, but IIRC, it's more expensive.
Universal Studios is in a bit of an 'isolated' area. I don't think there are any other hotels in walking distance, but you could consider staying elsewhere and driving in and paying for parking.
You really only need one night at the hotel (you can go to the park the day you arrive and the day you depart) so maybe it's worth a splurge?
ETA When I said the price was reasonable, I meant in comparison to the $300+ per night that Disney charges for its onsite hotels!
