if you prefer some distance
While it is certainly the recommended and most convenient option, you don't actually have to stay in Valladolid. The town is pretty much equidistant to the beach towns below. You can either drive back or hop in a taxi after the night's festivities.
It must be said, however, that roads are not well lit (in some cases not lit at all). So just be sure you have that in mind, especially if you plan on letting loose at the party.
The perfect balance of serene Yucatán jungle, cute boutiques, delicious restaurants, and a bit of party.
Or, if you're traveling as a group, you can save some money by booking an Airbnb in Tulum town. It's a 2-minute drive from the beach strip, and you can easily go into the beachfront resorts and swim as a patron of their bar or restaurant. Your call.
Playa del Carmen
We haven't stayed in Playa del Carmen, but we've only heard good things. It's home to resorts that offer all-inclusive packages but also houses more intimate, boutique-type establishments. There's some amazing food in this area, too.
Ah, Cancún, home of the mega-resorts and incredible all-inclusive deals (read: unlimited tequila). If you're traveling with a big group or family, staying in Cancún may just be the easiest, most fuss-free option for you. It's definitely not as intimate as Tulum, but its the most practical if you're the type of traveller who champions convenience (and buffets) above all else.