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The only hostel-like accommodation in the heart of Venice (the official HI hostel is way out on a separate island with an early curfew and limited boat connections; don't bother) has two great things going for it, aside from low prices.
(1) it's at the confluence of two canals, so most rooms get that coveted Venetian water view, and (2) this slightly battered old palazzo still sports 18th century frescoes in some of the rooms. And not just any old frescoes, but ones painted by the same dude who did the Museo Civico Correr.
That kind of high-test room art is rare to find in any hotel—let alone one that charges as little as $100 for a double room (a bit more for canal views or a kitchenette; a bit less for staying multiple nights), or €35 per person in a dorm (€32 per night if you stay more than one night).
The Palazzo Cavagnis was built in 1711, complete with 40-foot-tall hallways and lovely courtyards, and is now run as a hospice by the Waldesian church (Italian Methodists; don't worry, they don't go all evangelical on their guests but rather limit the proselytizing to leaving a few pamphlets lying around). The guest rooms are divided into private rooms sleeping 2-8, and shared dorms sleeping 4-10 in bunk beds.
Though there's no lock-out or curfew, the reception does keep short hours: open daily only 9am-1pm and 6-8pm.
Guests staying in private rooms or apartments are required to stay two nights.
Those staying in dormitories are allowed to stay even for just one night, but cannot book ahead.
Be sure to ask for a "camera affrescata" to get one with frescoes.
» Rates & Availability
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Foresteria Valdese (Palazzo Cavagnis) ★
Castello 5170 - at the end of Calle Lunga Santa Maria Formosa
Vaporetto: Rialto
tel. +39-041-528-6797
www.foresteriavenezia.it
€–€€
Sights nearby
★★★ Piazza San Marco (square)
★★★ St. Marks' Basilica (church)
★★★ Grand Canal (canal)
★★★ Palazzo Ducale (palace)
★ Campanile di San Marco (bell tower)
Museo Civico Correr (museum)
Bacino Orseolo (gondola parking lot)
Where to eat nearby
★★★ Bistrot de Venise (meal)
★ Da Aciugheta (meal/pizza)
★★ Osteria a la Campana (light meal)
★★ Vino Vino (light meal)
Rosticceria Teatro Goldoni (light meal/snack)
Hotels nearby
RR Hotel Danieli [splurge]
RR Hotel Metropole [premier]
RR Hotel La Residenza [cheap]
RR Hotel Caneva [super-cheap]
» More hotels in Castello from Booking.com
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Foresteria Valdese (Palazzo Cavagnis) ★
Castello 5170 - at the end of Calle Lunga Santa Maria Formosa
Vaporetto: Rialto
tel. +39-041-528-6797
www.foresteriavenezia.it
€–€€