If you plan on using the CamSur Watersports Complex (CWC) facilities for a while, or if you want to avoid the hassle of riding the shuttle to and from Naga, consider checking-in at Villa del Rey Hotel.
Here's where we stayed for the night:
Large Wood Cabin
Php 2,950 per night
The hotel says that it's suited for just two people but really, four to six people can fit comfortably.
Villa del Rey is walking distance to the different water parks!
The notion is that the rooms in Villa Del Rey are quite expensive. Check out the rate card. Most likely, there's a room that's suited for you and your barkada's budget.