Why don't you stay around Euston? That way its only a quick hop from there to Watford Junction on the overground. There is a Hilton, Ibis, Travel Lodge and Premier Inn with 5 mins walk. If you wanted a bit of luxury, the hotel at St Pancreas (can't remember which chain) is amazing.
Would seriously avoid getting the tube there. Takes over 45 mins and you could be waiting 10 or 15 mins for a Watford branch one to arrive.



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