Got the 4-star Renaissance. Started at $45. At $50 I got the offer to bid $65 and win, which I ignored. Bid $55 and then $58, which won. $56 or $57 might work. This hotel gets rated very highly on tripadvisor.com. I did not bid the 3-star category because it contained some hotels I would not wish to spend the weekend at.
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I guess I'm just cheap! I stay at the Motel 6 in nearby Addison, about a 15 minute drive from the Cottonwood show. I usually get a room there - upstairs, in back, senior rate, for about $45. It's been updated in the last few years and is very quiet. There is a ton of dining options in Addison, from Mickey D's to Fogo de Chao, etc. The Mongolian BBQ just around the corner (walk to it) has tasty offerings. The sushi place across the street is factory grade, so avoid it - and it's way overpriced!
However, if you don't like Motel 6 in any shape or form, Priceline is the best (CLC burned me twice). I think the Renaissance is the artist hotel for the show, so it won't feel obliged to give you a rate much cheaper than what they give the artists.