JoAnn, I just heard from my daughter that the place we stayed in Venice several years ago on our land trip was the Hotel Danieli. We took a water taxi straight from the airport to the back door of the hotel, so no schlepping of luggage at all, a plus after a long cruise, since you would be staying at the end. It was old and lovely, right on the grand canal, and had a rooftop restaurant where we had a great dinner overlooking the Canal. You might want to Google it, it was very close to St. Mark's square, and we walked everywhere. (I have no recollection where I stayed in the 80's.)

If I were only staying for one night, I would not want to stay across a "lagoon" if you are talking about the grand canal. At that price for the Regent hotel per person, you certainly can do better, even with the cost of a shared water taxi with your friends!