The Toronto CY is closer to gay clubs as it's located a block west of Church St. (The Gay Village) The hotel is very well located as it's walking distance to The Eaton Centre for shopping and many other attractions. There are also many restaurants too chose from and late night convenience stores including a huge drug store (Shoppers Drug Mart) that is open until midnight. (Great for drinks and snacks)

As for parking... there are many public parking lots across the street from the hotel. In fact I know of 3 off the top of my head. Two are directly across the hotel entrance. I am sure you can get a better deal if you self-park.