Hotels sold out? No problem, a very comfortable alternative is rent a house or condo for the week. After several Monterey trips dealing with the usual hotels, traffic, and general PITA of being in town, I decided to check out VRBO. Fantastic. We rent a beautiful hilltop house with spectacular views (the entire penisula and bay, looking straight down on Laguna Golf Ranch) a 3-car garage just 3 minutes from the track, easy access to Carmel and Big Sur via Laurel Grade road. Only $200 a night (three night min) or $1200 for the week... and even better deals can be had in Carmel Valley or Seaside. Double or triple up with some friends and the day rate per person is almost cheap!
http://www.vrbo.com/vacation-rentals.../central-coast