Hi Kyla,
I travel to Denver from time to time, so I'm familiar with you even though we haven't met. I hope you have a nice time in the Twin Cities. There are quite a few discussions on the subject on the local TER board if you want to search there.
Bloomington is by far the most popular area for traveling providers. It's just a few minutes from the airport and there are many hotels just off the freeway where parking is usually free. The downside is that traffic on I494, the main thoroughfare, rarely lets up during the day. If you're interested in shopping, the Mall of America is nearby and even has a couple hotels hooked onto it.
Downtown Minneapolis seems to be a little bit less popular with the traveling providers, but there are still plenty of good hotel options. Some people get intimidated by the downtown traffic, one way streets, and the fact that they have to pay for parking. In my opinion, this just weeds out the lazy guys.
If you're interested in night life or culture (museums, plays, concerts, night clubs, etc.) Downtown is the place to be. Just a short car/bus/bike ride from downtown are some wonderful lakes (Calhoun is very popular) with trails around them in you're interested in that kind of thing.
I hope you enjoy your stay,
--C