Is it even possible to find a reasonable and decent hotel for about $200 a night there?

I can't imagine why anybody would want to spend so much for a hotel in Como. Do you need gold faucets on the bathtub?

Try the Hotle Du Lac in Bellagio. Great location. Ask for a room with a lake view.

http://www.bellagiohoteldulac.com/

Thanks for the tip. It looks like a very nice hotel, although the double room is 160 Euros. Will it be hard to find anything less than that? Is there anything particular to see in Lake Como? It looks absolute stunning and I'm sure it's just nice being surrounded by its beauty. But if you know of anything particular to see or do, please let me know

People ride boats along the lake and visit some of the villas and gardens. Some people take advantage of watersports, like windsurfing and kite surinfg at the north end of the lake. Some people hike along the mountain ridges.

Try the Hotel Bellagio which is owned by the Hotel du Lac and just a few steps off the lake. Great views from the upper rooms and well priced. Also has a/c which we needed when we were there. www.hotelbellagio.it

http://www.en.hotels-in-como-italy.venere.com/

Bellagio? Do you need the services of a hotel? Look at Residence La Limonera apartments in the middle of Bellagio:

http://www.residencelalimonera.com/

The Metropole in Bellagio may be just at $200. Also look at the Centrale Hotel:

http://www.hc-bellagio.com/

You'll find more options in Menaggio and some possibilities in Varenna. When is your trip?

There is a recent thread on "Lake Como Sights and Dining":

http://www.fodors.com/forums/threadselect.jsp?fid=2

The Metropole in Bellagio is better than "reasonable and decent" IMHO - the rooms are simple but very tidy with incredible 180-degree views. The Metropole's lakeview rooms are right over the water, as opposed to across the street like some of the other lakefront hotels in Bellagio. We got a lakeview double with small balcony for 147 Euro in August last year; I would imagine you could get closer to $200 if you're not going at the height of the tourist season.

www.albergometropole.it

About a 20 minute walk into Bellagio, situated high on a hill with spectacular views is Il Perlo Panorama http://www.ilperlo.com/. They run a shuttle into town. It's a very basic hotel that is clean and has good service. We paid 100E in May for a corner room (not large) with a wrap around deck with unreal views.