Derby week can be a tough time in the "Ville lol....best places to stay are downtown & area known as the "East End." Hotels downtown include the Seelbach, the Brown & 21c. All will have exorbitant rates, however; that is, if you can get a room.
The East End of town (Hurstbourne Lane area) has excellent chain hotels and numerous dining options....in addition, an enormous outlet mall allows you to shop til u drop.
Louisville is a surprising foodie delight and best, adventurous restaurants are located along the Frankfort Road corridor. I recommend Lilly's, Wick's Pizza, Mark's Feed Store (BBQ), Proof on Main, Decca, Hammerheads, The Silver Dollar, & Blue Dog Bakery (just to name a few lol).
If you stay downtown, check out the nearby "NuLu" area & pick up a copy of the alternative weekly Louisville Eccentric Observer (LEO) paper. Good luck & pick some winners.....
One last thing, do not be suckered into drinking a fucking mint julep...mint, sugar syrup & bourbon is a terrible waste of perfectly good bourbon lol. Neat....or with an ice chunk (not crushed or cubed) is the only fucking way to go. You can thank me later on here.