Yeah, that's a very low budget for the area. Not many hotels in the area available for bidding. You can get Sheraton Delphina for around $150. Otherwise, Holiday Inn for $100. Consider Seashore Motel in Santa Monica if you don't want to bid. It's on Main St close to everything and only $100 per night. And yes, on weekdays at 8am, there will be traffic, though not north on PCH which is what you should be taking.