Hello,
I live in buffalo, about 15 or so miles from niagara falls.
The hotel you are staying in is not bad, but its right in the middle of the clifton hill tourist trap.
Tons of things to do in that area, bars, haunted houses, etc. It has a carnival type atmosphere. Everything is very expensive in that tourist trap.
That hotel is right over the bridge.
Parking is going to be very expensive as well, if you are planning a day trip on the US side, then be sure to park on the road, maybe rainbow avenue near the robert moses expressway. Otherwise they will nail you for 10 and 15 dollars to park in the state park, when you can just walk in for free, and its a nice scenic walk.
The new york side was terrible in years past, but they put alot of effort into it, its not as bad anymore. The new indian casino is here, they offer free parking in the lot also.
Deffinitely do the maid of the mist and the cave of the winds. Plan on wearing swimming shorts, flip flops, and a change of clothes, you will get wet. There is a combo deal, you can do both the maid of the mist boat ride, and the cave of the winds tour for about 25 us dollars per person.
After that, take a drive north on the robert moses expressway to see the niagara discovery center, and the niagara gorge (nice view).
You can go even further north into lewiston, ny, which has plenty of classy eateries, and nice views.
When you go out to eat, do it on the new york side. If you eat in ontario (especially niagara falls, ontario), the food is not that good, and it is very pricey.
Just an example, i was up at the dennys near clifton hill with some friends, we spent 58 dollars for four breakfast type meals. Came to about 52 dollars american due to the weak dollar.
The niagara falls, ny aquarium is pretty much a dump. Not very impressive, and dated.
If you have the time to roll to toronto, deffinitely do so.
Any other questions, post em here. I frequent the area.