I've never stayed at Coco but never heard anything bad. I have stayed many times at Treehouse, will again for 2 weeks in August, and I can not recommend it highly enough! I have also put many a friend and family member there and never heard a discouraging word. Gail, the owner, is a creative and conscientious hotelier and posts here on the board. We are not big drinkers so I'm not much help there but your room will have a fridge so you can stock up on soda and beer for inexpensive refreshments. Yes you can walk the beach at night but use common sense. Do it in a group and bring a flashlight or two. Coco is about a 10 minute walk south of Treehouse and that is a great stretch of beach. I don't think you can go wrong either way. Enjoy!
