I'm not up on the quality/value of all the nearby motels, there are a number of places to select from. Best bet are the chamber of commerce member places.
Here's a link to the chamber web page with motels/hotels:
http://www.islamoradachamber.com/lodging.cfmThe park is located at MM 87 so that you have some idea where places are located relative to the park.
Consensus seems to be for practice races on Friday. We'll run some in the afternoon. Stand by for an "official" time when we'll put the buoys out, start a watch and hoist the flags.