Embassy suites just over the mountain on 280/31 is good. You could walk to bars on the square in Homewood. Also there is a fairly new hotel right off the square in Homewood. I'm not a fan of five points (other than Dave's) as far as nightlife goes. That said, there are great restaurants such as Hot and Hot, highland bar and grill, bottega and several others. They are all a 2 minute cab ride from the hotels I mentioned though.
If youre in your 20's or early 30's I would recommend the Lakefront area for nightlife. Nana Funk's is always a great time for late night and Innisfree and Oasis are fun to start off. Rare martini is for douche bags. Avoid. No hotels in walking distance though that I'm aware of. Again quick cab from hotels mentioned.