One of the best mid-range lodging options in Bellagio is this gracious, family-run hotel right on the lake, near the ferry landing. If location and charm mean more to you than modern amenities, you'll love the Florence—most people do. The hotel, which is also referred to as the Firenze, is a quaint, historic building with a picturesque facade punctuated by green shutters and wrought-iron balconies, Inside, colorful rooms have romantic details such as wrought-iron canopy beds. All of this conspires to create a sort of a Disney-princess feel.
Many units have balconies with lovely lake views. Note that the bathrooms here feature tubs with a handheld shower attachment. There's no curtain or enclosure, and no fixed place to prop the shower head while you wash yourself, which is a typical Italian thing—it just means you either sit down for your shower or stand up, doing your best not to soak the whole room. The Florence's lakefront bar is a happening spot for drinks in the afternoon and well into the evening, luring a fair number of non-hotel patrons just off the ferry. (There's also an on-site restaurant, which has a gourmet menu and elegant atmosphere that spills out into the lakeside garden, but the food is uneven; I'd stick to drinks and hard-to-mess-up nibbles from the bar, where the views are just as good.)