Our property calendar only goes down to the night, and there's a lot of stuff built round that. If you're doing multiple intraday bookings, you'd need to use a different method. If you are only doing one booking per day (but some are shorter than others), then you could make it work, but if you need to have two bookings on the same day it won't work unless you make multiple properties to hold simultaneous bookings and manage all of the calendars manually, and that's a lot of work.
We do have add-on options for bookings: https://www.ownerrez.com/blog/add-ons-are-here--also-known-as-optional-surcharges. If it's adding on to another booking, you could do the event space that way, as an add-on, and then keep track in a separate calendar so you don't double book it.
