Innsbruck has simply loads of restaurants. There's a McDonald's which pumps out its cardboard crap, and a Wiener Wald, a version of Kentucky Fried Chicken.
Innsbruck has a huge number of restaurants, from international cuisine to local dishes, by avoiding some of the tourist traps you can eat well and fairly cheap.
Accommodation is well located; you can bed down cheaply within walking distance of the city centre and prices are extremely reasonable. Pension Paula the local backpacker’s place, is only five minutes from the town centre and is without doubt the best place to stay in the city, with rates from 25 euros a night.
There is also a hostel and numerous hotels. Hotel Central is a budget place that also has a bar, and is only two minutes from the city centre. If you've got a spare 80 euros you can stay in the 5* Hotel Europa which is located opposite the far end of the train station.