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I did a similar tour with my daughter three years ago, and we visited four schools in two days: Penn and Haverford one day, and Swarthmore and Villanova the next. At that time, the morning and afternoon sessions lined up best in that combination, iirc. Bear in mind that two visits in one day means that you don't get a lot of time, if any, to wander around the campus of the morning school, because there's typically just enough time to have lunch and get to the next school. The schools on the Main Line are a little easier in this regard to schedule, since they are so close to one another.
As far as hotels go, we stayed at a hotel in West Philadelphia near Penn's campus the first night (so we didn't have to drive to an early morning session), and the Courtyard Philadelphia Springfield the second night (since it was close to Swarthmore, the first visit the next day). The prices for hotels near Penn (Sheraton, Hilton/Inn at Penn, the Study, etc.) are all jacked up, but you're paying for convenience. There is a Hampton Inn near Media, which is close to Swarthmore.
For searches, I would include hoteltonight.com. They often have cheap prices. A quick search shows a couple of hotels near King of Prussia in the $120 range. Personally, I would spend a little more to get closer to where your first visit is, so that you aren't fighting traffic etc. to get to the morning info session.
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