A quick look at expedia.com shows the lowball room rate to come in at $37.00 per night for your requested nights (never heard of the Colony Inn). From there you get into Travelodges/ DAy's Inn/ Red Roof level places (a bit better than Motel 6) for about $45.00 per night. The Fairfield Inn's (entry level Marriot property) start at a bit over $60.00 per night.
These were the rates I found in 2 min of searching. At these rates, do you really want to share a room (bathroom/shower) with someone you've never met?
Most of these prices are AAA Automobile Club discount rates.
I look forward to seeing your work as I'm a local boy (live in Simi Valley now, but grew up in Santa Monica and still work nearby, at least on the days when I'm in the office).
jmx