Instead of staying at an airport hotel near Malpensa the night before returning to the US, we decided to go to Arona for our last night. The Hotel Florida looked to be a good option based on location and reviews. The hotel is right on the lake and rooms have incredible views. Unfortunately, the rooms are somewhat dated although they were very clean. Didn't really bother us as the price was very reasonable, 70 euros, and it was in a perfect location. The hotel also arranged a taxi at a fixed rate to Malpensa the next morning. Car ride only took about 30 minutes and was a much better option than staying at Malpensa.
Arona is a beautiful town with excellent restaurants. Based on TA reviews, we went to Il Grappolo which was outstanding. Highly recommend staying in this town the day before leaving from Malpensa. Very short train ride from Milan.