You will like the Palms. As said by others it is right in the center of things. BC's is right next door - a great place to hang out and a wonderful barbaque.
Make sure you say hello to Ana at the Palms. A wonderful person who will make your stay that much better. We have been friends with her and her husband (and the kids) for a number of years. Say hi to her from Byron and tell her we will be seeing her the first part of February.
You will not regret your decision.