RFR, as you may have seen in the "Venues" section of the website is about 30 minutes east of Reno, just a few miles south of highway 80 on highway alt 95/50. Take the first Fernley exit, turn right and drive into "downtown" Fernley (nice old casual restaurant called the Wigwam on the way) – then turn right at the main light in town on alt95/50, go south about 5 miles just past the small airport and the track entrance is on the right. There are two motels in town that are decent, with the Best Western Fernley Inn winning as a nice, fairly new Best Western with a well-done indoor pool.
Best Western Fernley Inn
Phone: 775-575-6776 - Ask for Reno-Fernley Raceway rate.
This is just off the second exit to Fernley if you're traveling eastbound. This is where there is a center of new commerce off the freeway. Silverado casino across the street, decent pizza restaurant, etc.
Super 8, Fernley, NV:
We haven't stayed here yet, but it passes the drive by test... pretty new and adjacent to the Silverado Casino, so if you're a gambler and want to stay in Fernley this would be the best solution.
The Grand Sierra Resort – Reno
This is the former Reno Hilton tower hotel, just off Interstate 5 exiting 395 south. The property has been purchased from previous owners and is being completely re-done to a resort theme. As this is underway, different floors may or may not have been redone, so it may be a good idea to chat with them directly to be sure what type of room you are getting. The new rooms look very plush and the older rooms are just fine with rates at or around $100. These folks have been friendly with RFR so you may get a discount if you mention the racetrack.