There are several accommodation options available near the Melbourne Showground, for a complete list and special accommodation offers visit:

Hotels along the No 57 tram route include:
Welcome Melbourne 265 Little Bourke Street
Causeway Inn On the Mall  327 Bourke Street
City Edge on Elizabeth Apartment Hotel  99 A’Beckett Street, Melbourne
Somerset on Elizabeth Melbourne 250 Elizabeth Street, Melbourne
Imagine Lighthouse 442-450 Elizabeth Street, Melbourne
Central Club Hotel 246 Victoria Street, North Melbourne