There are several convenient hotel options, many within walking distance from the theatre. Make a night of it or bring the group to The Orlando Cabaret Festival. 

The Sonesta Hotel Orlando Downtown offers 341 recently renovated, contemporary hotel rooms and suites.  Found in the heart of the city, the Sonesta overlooks picturesque Lake Ivanohoe. The hotel is conveniently located in the downtown business district, near the cultural district, and provides easy access to the theatre and everything Downtown has to offer.

Grand Bohemian
In the heart of Downtown Orlando and just 2 blocks from Mad Cow Theatre, The Grand Bohemian Hotel reigns as the city's landmark luxury hotel.  Combining plush comfort and hallmark service in a setting of sheer beauty, this AAA Four Diamond-hotel was named one of the world's greatest hotels by Conde Nast Traveler and Travel & Leisure in 2003.

Embassy Suites Downtown Orlando
Located just one-block awwy from Mad Cow Theatre, Embassy Suites Downtown features high-speed internet access and complimentary cooked to order breakfasts. 

Eo Inn
The Eo Inn & Spa, Orlando's premier boutique hotel and day spa, is the crown jewel of Thornton Park. Circa 1923, this 1999 restoration houses 17 deluxe hotel suites. The inn's location in this quaint, lively community just outside the city's urban core overlooks Lake Eola and the downtown skyline.

The Orlando Marriott Downtown
The Orlando Marriott Downtown offers superior accommodations and facilities in the heart of downtown Orlando adjacent to Interstate 4.  Nearby transportation and wireless internet access available in all public areas of the hotel.
There are other lodging options on the hotels page of  Check it out if you don't see somethign you like here.