If you are looking for overnight accommodation on race weekend, then you may wish to consider the following:

Hockenheimring is located near the small town of Hockenheim in south-west Germany. Frankfurt airport is the nearest major airport hosting both domestic and international flights. It lies about 90km from the circuit and its surrounding towns. You can travel by train from the airport or take the fast A5 road by car, both of which take about an hour. Other airports include Luxembourg and Cologne which are further away but still viable options.
There are various accommodation options scattered around Hockenheim but the larger towns of Heidelberg and Ludwigshafen offer the greatest choice of facilities. These are located around 20km from the circuit.

There are plenty of campsites around the circuit, and many of them have a shuttle bus service running to the Hockenheim on Grand Prix weekend.

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The interactive map below shows the location of Hockenheimring. Use the controls to view the circuit as a traditional map or as satellite images, move around, and zoom in and out.