CdM is a very well run resort with a true character owner, "Woody". He is a super host and the accommodations are excellent. Coconuts beach bar located next door is also a popular place to meet the locals and business people.
It is 1/2 mile south of the centre of town and about a 15 min. stroll down the beach. Holiday Hotel is in town and not as upscale as CdM but convenient.
I would head straight for Corona Del Mar and Woody. A very short stroll to town or crawl next door to Coconut's Beach bar (in spite of what Jesse says bring a butt cushion for the stools) and enjoy. We have sent a lot of people to Woody's and never had a complaint. (Of course most of them were just happy to be 200 yards from us.)