in barcelona, the safe was locked when we arrived. called front desk. they told us to perform some sequence(i don't remember but wife does) involving enter "0000" twice. safe opened. when in venice, tried the same thing and it worked. as long as one can remember 0000, and the rest of the sequence, seems one can open hotel safes.
if i carred something valuable, like my AUDEMARS PIGUET ROYAL OAK FORGED CARBON MENS WATCH, i would put it in one of those mesh steel bags, get an ongard u shaped bicycle lock, and attatch it to the plumbing( a water pipe with no shut off valve), or to the steering column of a rental car(course, then the car would be taken).
http://www.onguardlock.com/?page_id=329
i have a bike wheel with one of these locks on it. i'm taking it down to a neighbors to have him cut it with a torch.