To add to what Getwulf said, there's a couple of good, cheap hotels in Bucharest if you wish to stay.

There's the Accor group, mainly with Ibis and Novotel, and Ibis can be be around 70 euros per night with breakfast included, for a double room if I'm not mistaken. Furthermore there's the idea of small, boutique hotels which started to take shape and they're relatively cheaper than the norm.
If you want to go to the best hotels, there's a couple of them - InterContinental Bucharest, Crowne Plaza Bucharest, Radisson Blu Bucharest, JW Marriott (it's a JW) and Carol Parc Hotel.
Regarding the meals, if you eat out in town and stay away from the fancy restaurants, it varies from around 20 to 30 euros for a decent sized meal. If you're a gourmand then it's obviously more but not more than 5-10 euros for a double portion.

In Bucharest, the best places to eat are restaurants with tradition and the ones that are in places such as Lipscani which is more of a cluster of restaurants, and due to the fact that the competition is very strong they provide good meals.
There's plenty of traditional restaurants but there's also Chinese, Turkish, Lebanese and especially Italian if you wish to eat something different every night.
http://en.wikipedia.org/wiki/Lipscani