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Using PriceLine to Bid for Hotel- success stories& help

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I will be in NYC in June with my husband & trying to book a hotel for that week is challenging because it is soooo expensive.
as it is just the 2 of us this time (no kids) I thought I would use PriceLIne to bid for a hotel.

I went on the website last night & made a selection of 4* & 41/2* & 5* properties. The average price of the hotels is $300. What would be a fair bid. How close to the date should I bid??

I would like to know if anyone has used this & how successful was the outcome??
Does anyone have any tips/suggestions that they could give me?

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