I stayed here last year, it wasn't bad. Nice and quiet but a little understaffed.
The Brno Circuit is about 20-25 minutes out from the city, so you definitely need a hire car or vehicle of some sort. Traffic management was pretty good so access and egress moved pretty fast, even heading back into Brno on race day.
Restaurants etc in Brno city centre are really good value and eating out is pretty cheap.