It does have a bar, yes, though I guess there's not a huge range of drinks. Less than 60 seconds walk away is a trendy bar with late opening & everything, but it is one of these "trendy" bars. Still, nowadays there are plenty of good pubs that also open late(r) than they did previously.

Cambridge centre is really not an easy place to find a decent budget hotel with parking! All the ones that might be more amenable are either totally out of town (post house) or far enough out to make walking ot bars a pain (the new holiday inn express).

Though it does pain me to say it, the Travelodge is a pretty good bet, and the price is actually pretty reasonable for a town hotel.

Hugo