Nice hotel if you don't mind the extra drive downtown
Not too many complaints about this Austin Hotel located about 10 minutes from downtown near the Arboretum shopping area. It is a little out of the way if you are wanting to be directly downtown, but perfect if you are looking for a quiet spot away from all the nightlife. We stayed the last weekend of SXSW this year and it was pretty empty and less than $200 including taxes (via Priceline). There was even a convention going on and it wasn't busy at all. I'm not sure why since some questionable La Quinta and Days Inn locations were charging even more for this popular weekend. 
The front desk allowed us to check in 2 hours before their 3:00 PM check-in time, so we were able to meet friends for a late lunch. Everyone was helpful (especailly the doormen and valet) and we had a pleasant stay. We did not go to the restaurant, bar or coffee shop, but it is nice that it is available. Parking was free in a covered garage a short walk from the front door. Valet would have been an extra outrageous charge. They also charge an arm and a leg for Wi-Fi which we skipped. Such a shame they can't throw that in for free. I have stayed at other Renaissance properties in Orlando, California and the Woodlands so I know that is standard practice. It would be nice if they included it anyway. I also have to admit this property is not as fancy as others I have been to in the past, but I would stay again for the weekend if the price was decent.