Hotel rooms in this area are amazingly low priced. I used the International Hotel Groups website to check rates. This group includes Holiday Inn, Holiday Inn Express, and Candlewood Suites.
Rates range from around $70/night (weekend) at Candlewood Suites, Clearwater to about $200/night (weekend) at a Holiday Inn Resort (two pools, etc.) at Indian River. Rates for Holiday Inn or Holiday Inn Express look to run about $120-$130/night (weekend).
I have been to the Clearwater/St. Pete beach area. They both have beautiful beaches. And there are things like sightseeing boat cruises, Tarpon Springs, and other interesting areas nearby. The pier in downtown St. Petersburg is worth a trip. It had a nice restaurant overlooking the bay. There's a decent art museum located near the pier. And the (Salvadore) Dali Museum is not to be missed for art lovers.
Despite the presence of $cientology in Clearwater, it is actually a nice area to visit. And May is a good time of year. The weather is usually decent, especially in the later part of the month and schools are not out yet so not a lot of families vacationing.