alison

just returned from varenna and loved it. found it quiet and peaceful and beautiful. while we had a lake view but no balcony, the hotel terrace at Albergo du lac was just lovely so we could have lived without a view. we also loved our time in milan, but agree that the lake experience requires staying there. you can stay in a cheaper place and still enjoy the lake just spending time visiting each village in mid-lake area. in your price range you can easily find somewhere nice without "grand" in the name.

ronin

I think it would have a lot to do with how close your points hotel is to either Milano Centrale or Cadorna train stations. The Ferronovie Nord trip from Cadorna to Como and then the "milk stop" ferry boats to the mid-lake towns is a bit of a haul - if tremendously scenic. Varenna is an easy trip from Milano Centrale, but a one-day rail strike did occur during our 2 days in Varenna and significantly changed our egress plans. I loved staying on the lake, and my morning hike up past the castello in Varenna then lunch in Menaggio and and afternoon in Bellaggion would have been hard to do on a day-trip. But you will love the lake whether you stay or just visit!