You've probably already guessed this based on the responses that you've gotten, but you're not going to find what you're looking for right by the stadium. Don't get me wrong. It's not the worst part of Memphis and there are actually a couple high end residential areas right by it, but there's not much in terms of hotels or shopping.
If you're good with the standard food chains and strip malls, Southaven's not a bad option, but my advice would be to try to find something in the East Memphis area. There are several nice hotels such as the ones that have already been mentioned in this thread, and then you'll have places like Buckley's, Corky's, Huey's, The Blue Plate Cafe, and Napa Cafe(I think it's still open) all within a couple miles. There's a lot in that area.
One last word of advice... Do not even think about getting on to 240 East at any point while you're in Memphis. There's major construction going on there, and it's just a mess.