Start with Doctores, Colonia Roma and the metro line that connects them
Arena México sits in Colonia Doctores, a working neighbourhood just south of the Centro Histórico, and the closest hotels are on Avenida Cuauhtémoc and Calle Dr. Lavista. Staying within walking distance means you can leave the arena with the crowd rather than hunting a taxi on the surrounding blocks. Rates in this area run lower than Roma or Condesa, roughly the budget-to-mid band, and the trade-off is fewer restaurants and quieter streets at night. The Metro Balderas and Cuauhtémoc stations (Lines 1 and 3) are both a short walk away, which makes this the easiest option if your main reason for the trip is the Friday show.
Colonia Roma, ten to fifteen minutes north-west on foot or one metro stop from Cuauhtémoc, is the better base for a longer stay. You get Reforma, Avenida Álvaro Obregón and the restaurants around Plaza Río de Janeiro, plus easy access back to the arena. Roma Norte hotels in the mid band sell out fastest for Friday nights, so book early if the date matters. Between the two, I would book Roma Norte: you can walk to the show and still have a neighbourhood worth staying in for the rest of the weekend.
Centro Histórico and Reforma: the comfortable middle
The Centro Histórico puts you twenty to thirty minutes' walk or a short taxi from Arena México, with the Zócalo, Palacio de Bellas Artes and the Alameda Central on your doorstep. Hotels around Calle Madero and Avenida Juárez span the mid to upper band and give you the most choice of an evening. The catch is that Friday traffic on Eje Central and Avenida Hidalgo can double a short drive, so plan to walk or take the metro to the arena rather than rely on a car. Sunday mornings in the Centro are quiet; Saturday is when the streets fill.
The Reforma corridor, particularly around Avenida Insurgentes and the Zona Rosa, is the most practical compromise. You are ten to fifteen minutes by taxi from Doctores, close to the Insurgentes metro station on Line 1, and surrounded by late-night food and bars. Zona Rosa is livelier and noisier; the blocks north of Reforma toward Juárez are calmer. For a first trip to Mexico City built around a Friday fight night, this is the area I would book for a couple staying three or four nights, with Roma Norte as the alternative if you prefer walking to the arena.
Polanco, Condesa and when to skip the airport hotels
Polanco and Condesa are comfortable but add time: thirty to forty minutes by car to Doctores on a Friday evening, more if Chapultepec traffic is bad. Polanco hotels sit in the upper band and suit travellers pairing the show with museums and shopping; Condesa is greener, more relaxed and mid-to-upper, with good cafés around Parque México. Both are fine if you already know the city, but for a single night tied to the arena they cost you a taxi ride in each direction. Check the metro on Line 1 and Line 3 as a fallback when the roads jam.
Skip the hotels clustered around Benito Juárez International Airport unless you have an early flight the next morning. The area around Avenida Boulevard Puerto Aéreo is functional, but you are twenty-five to thirty-five minutes from Arena México with little of interest on foot. November, when this event falls, is one of the best months in the city: dry, cool evenings, temperatures in the low teens after dark, so bring a jacket for the walk back. Check the official site for event details before you book anything.
Booking practicalities for the weekend
Book accommodation before you buy tickets, not after. Friday nights in Roma Norte and the Centro fill for concerts and events, and the arena neighbourhood has limited mid-range stock. Aim to reserve six to eight weeks ahead for a November trip, earlier if you want a specific hotel near Cuauhtémoc station. Pay in pesos where you can, and confirm whether your rate includes the city accommodation tax. If you are coming from Tijuana, as many domestic travellers do, a Friday morning flight lands you with time to check in and walk to the arena.
For the evening itself, arrive early enough to settle in and take the metro rather than drive. Line 1 to Cuauhtémoc or Balderas puts you within a few minutes of the doors, and the walk back after the show is straightforward if you stay in Roma Norte or Doctores. Eat before you go; options near the arena are limited and busy on event nights. Keep cash for snacks and programmes, and leave valuables at the hotel. The city rewards a slow Saturday: markets, museums and a long lunch before an evening flight home.