Yes, students at ISI are eligible to apply for a guest house accommodation for their parent(s). This completely depends upon the tenure of the stay and the availability of the rooms at the guest house. Basically, there are all these conferences taking place from June to December every year.
Therefore, it is suggested you book a hotel. I am sure you might have got a clear idea about the facility assisted for the stay. It would be feasible to prefer other options in case first is not available.