I'm in the same boat.
Going with 9x more 24-26 year olds. We are staying at the Cosmopolitan. (Gold with them, hoping for an upgrade)
Not sure about the suite deal, as far as I know one of the Hiltons has 3br suites. It is a couple blocks from the strip.
As for a hotels...Palms, Cosmo, Venetian, Hollywood...(and maybe Palazzo and Wynn) are for party people. (i.e. ones that have day/night clubs with famous DJs and pool parties).
I've never stayed at the MGM so can't say much about it.
In May I stayed at the Palms resort with a few more party animals and we received all access passes. The hotel has some nice nightclubs/bars/lounges.