If the airline finds a flight arriving within one hour of your scheduled arrival, you are not entitled to compensation. The airline can offer you free tickets, but you can decline and demand immediate cash. You can also turn down the cash and sue. All costs associated with rebooking will be passed on to the traveler of record. Travelers will be held responsible for any adverse actions imposed by the airlines.
Hotels also overbook in anticipation of no-shows.
If the hotel fails to do so, it must provide a comparable room for one night at a nearby hotel and the cost of the transfer. Incidentally, you also have a contract for the rate quoted at the time of reservation. Thus, if the hotel claims that no rooms are available at the low rate, the hotel is in breach of it's contract. If your flight is purely domestic, your liability is governed by the general accident law of the state in which the accident or incident occurs. Generally, you can sue the airline, airport operator, security company, airplane manufacturer, and even the Federal Government for negligence if they breached duties of carriage to you.