I booked a room the day of on lastminute.com.au for $99/night! Lastminute kept its name undisclosed, but you may be able to recognize it with these details: (1) it was a 4 Star Hotel, and (2) the information hotel disclosed that is in Albert Park.
It's very close to public transportation (when you're on a tram on St. Kilda Rd., get off at Lorne Rd. and walk 3 minutes to the hotel). It doesn't seem like there are any restaurants close to the hotel.
The reception was very courteous and not only checked me 3 hours before there check in time, but also upgraded me to a room with a view of the lake and ocean (in the background).
The room is HUGE - king size bed, sitting room w/ a desk and sofa, sitting table overlooking the view. There is also an incredible amount of natural light because of the huge windows.
The one bad thing is that wifi is somewhat pricey ($40 for 3 days).
I would definitely recommend this place! read more