My fiance and I stayed at the Hotel Regis on Oct 4-5. As it happened, Thursday night (10/4) was the annual Panajachel blowout festival celebrating San Francisco de Asis (the town's patron Saint). There were fireworks every half hour and music and a lot of celebrating.
I say this because what I can guess is the local school band seems to be situated right next to the hotel (on the lobby side). They were playing all night Thursday (which I guess was expected) but they were also practicing on Friday late into the night, even though the town was practically dead everywhere else. I don't know if it's a ongoing issue or leading up to the festival or during a certain time of the year. Since it's right next to the hotel, I definitely recommend asking about it...or at least managing your expectations. The hotel is worth it.
1. The hotel is gated and the gates close around nine or ten at night (though an on site guard is there to open it for you) and some relatively high walls. Definitely a safe feel and it's quite peaceful during the day (nice landscaping). Also, it's located closer to the lake (further down the hill?) and is literally seconds from a nice group of restaurants, cafes, sourvenir stands, etc. So you get both a secluded feel inside and a "right-in-it" feel outside.
2. As mentioned in other posts, the wi-fi only works ONLY in the lobby, though they also have a connected computer there for public use/printing. You won't be accessing the internet from your room, but if you do need access, the lobby is there. NOTE: the lobby closes around nine or ten at night so get in early if you want to check your email.
3. The amenities are what you would expect; not a luxury hotel, but very clean and well kept. We slept well both nights.
4. As with all places in Panajachel, there is a large sign/warning about not using the water in the sinks for drinking (something about sulfer from the lake's hot springs). A few purchased bottles of water took care of everything nicely.
5. We picked a room in the back of the complex, furthest away from the lobby and local school band. You can still hear the music from there, but not enough to ruin a good night's sleep. Also, there was a mini kitchen and a small dining table (and a small fridge, but it was unplugged when we arrived).
Since we only stayed at the Regis, I can't really compare it to the other hotels in Panahachel (freebies, extended wi-fi, etc.). I will say that we really enjoyed our stay there and would definitely returned (though we'd keep our room in the back by the hot springs stone jacuzzi, just in case the band was playing) .