Stayed here last week for 1 night on Chase award. The property was nice. My fear became real when they confirmed I was in the "other building". I asked to switch and they accommodated with a room looking out to the little square in front of the property, and if you poked your head out of balcony, you could see the waters. That was nice enough of them as I know they can be very stingy and may treat Platinum members with a Chase credit card just a notch above criminals.
Plenty of metered street parking nearby, which was the option we took. Also if you don't mind walking 10-15min along the shore up into Pacific Grove, there are many free street parking spots there too.
Beware of the low temperatures around this part at night. It was pretty cold and I had my shorts on from the afternoon. Bring an extra layer.