In Bologna there are a lot of opportunity for accomodation. Here You can find some useful link to hotels and B&B with discounted prices for Master's participants:

Golden Tulip Aemilia Hotel ****
Via G. Zaccherini Alvisi, 16 - Bologna
Ph. +39 051 39 40 311
website link
Map from Miscbo to Hotel

Collegio Erasmus
Via de' Chiari, 8 - Bologna
Ph. +39 051 27 67 11
website link
Map from Miscbo to Hotel

or you can find some interesting accomodation on
B&B in Bologna

You can find more info about accomodations and restaurants on this website: Hello!Bologna