Punta Del Este Info Wanted!

Hi,
I'm traveling with friends to Punta Del Este on December 23rd of this
year. I will be there for 1 week. Was wondering if anybody could give
me information on a good place to stay. There will probably be 5 of
us. We would like to rent an apartment, or something else that is not
tons of $$$$. Near the beach would be best. Any info, about were to
go, what to see, what to do, would be awesome. Is it worth it to leave
Punta for a couple of days and travel somewhere else in Uruguay?
With great thanks
Josh