Have stayed at the Travelodge just on the Exeter juction off the M5 and is a nice one with a restaurant next door.

Also have stayed in a B and B up the road about 1/4 mile called the Exeter arms which does amazing food.

Have stayed in both and definatly recommend both and would stay there again. Both around the £50 ish a room per night so prob more in the price range.

HTH