At the station itself, only the very short term parking is free, I don't remember the time limit. The longer term parking is still pretty reasonable, they have different rates for different areas based on distance. If the weather is nice, none are too bad unless you are dragging luggage. As to hotels, it's not exactly a destination city. Remember, you are on the other side of the river from Albany. There are way more place to choose from on the other side, but it really isn't that far. If you get in early enough, the USS Slater a WW2 Destroyer Escort is on the Albany side. On the Renn side, there is an Econo Lodge a few miles south, I don't know if they pickup/drop off, and a cluster of places in East Greenbush by I-90. Also a few places up in Troy that cater to the RPI crowd.