If you are traveling during a special event like Venice Carnival you will almost certainly not be able to place a winning bid at any price, specially for 4 and 5-star hotels. Since I like to travel to Europe during the second half of May every year I have encountered my share of big soccer events. The Champions League final in Roma made me change plans and had to spend two nights in Napoli because I could not find a room for that particular night in Roma. This next May I was thinking of going to London but there is the FA Cup Final on the 28th of May, right in the middle of my planned stay, and 3-star hotels are going for $700 a night so I changed my plans again and will spend 4 nights in Paris. One thing I have added to my travel planning strategy is to avoid cities with big events, but if the event is want you want see you need to plan many months in advance and pay the big bucks. On the other hand if what you want to see is the Carnival, who cares about how many star should the hotel be. Try getting a hotel for New Year's Eve in New York, or the Mardi Gras en New Orleans, or the Carnival in Rio, or for any city holding the Superbowl in the USA, and you'll know what I mean.