There is a decent variety of 5-star hotels in Caracas, but they are typically pricey. In other tourist areas of Venezuela, posadas (guest homes or bed and breakfasts) are generally the best choice, each with its own unique flair and usually providing breakfast or supper if desired. The price and quality of posadas may vary greatly. Youth hostels are in short supply.
Keep in mind that many hotel beds (usually up to the mid-tier tiers) are nothing more than mattresses on concrete slabs that mimic box springs. They may not be the most comfy for you, depending on your sleeping habits. Something to think about while searching for a hotel to stay at.