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Should we keep the rental car while staying in downtown Phoenix?

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We will be driving a rental car up to Phoenix from Tucson Wednesday, meeting friends for dinner in Tempe, and checking in to the Palomar where we are staying while attending a convention at the convention center. I can't decide whether to keep the car until Sunday and drive to the airport for our flight or turn it in Thurs or Fri and cab it back to the hotel.

Are there good restaurants within walking or cabbing distance from the Palomar? Would we be missing some really great restaurants if we don't have a car?

We have been to the area before and I'll be doing some hiking in Tucson so sightseeing isn't high on the list for this trip.

Valet parking at the Palomar is $27/night so not horrible. Is there other overnight parking available in the area?

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