Clif,
It also depends if you have wee little ones. My boys where mid teens and we always stay at the Stonecliff, free huge breakfast, Dinner between 6pm and 8pm ONLY @ $25. a plate(ouch). If you rent bikes, you will have to have them back by I think 10pm, or you get charged for an additional day. They lock up the bikes at 10 pm sharp, plus they are only 1 speed(granny bikes).
The Stonecliff is about 1/2 mile north-west of the Grand with a beautifull view of the lake. You can chose to have a room in the original Stonecliff hotel or have rooms with air in the addition. They have a pool, can't remember 'bout the hottub.
The wife and I enjoy looking at the wonder craftmanship of the homes near the village in the center of the island, and explore from there, follow the foot paths on your bike. The locals in the village are really friendly and give you tips of more to explore that you don't get from the college kids working in the business district.
Me and my boys ride our mountain bikes out the back side of the hotel and take every path we see, you won't believe what you stumble across doing that.
Good luck, have fun, and take lots of money.