There is a huge range of options for hotels in the
Early entry is a big deal if there has been a new major ride addition within two years of your visit. Since we were visiting during the first year that the Top-Thrill Dragster opened, we were very excited to get admitted to Cedar Point an hour before the gates opened to the general public. We were able to ride the newest roller coaster at Cedar Point with a wait under two hours. This may not seem like a big deal, but the rest of the time that we were there, we never saw a line less than five hours for that ride.
Another benefit of the local hotels is that many of them offer pools. We found that it was a better use of our money to get a hotel that had a pool to enjoy during the heat of the day, than spend extra money on admission tickets which included the water park. Between the in-park water rides and the hotel pool, we found the kid choked
If you have no interest in early entry or pools, I would recommend not booking your lodging in advance. When I did searches for hotels in the area around Cedar Point, I found that the cheapest ones were often not included on the Cedar Point web site or in bundled offers through the airlines. There are also a million hotels and motels just outside of