hi zoomgirl,
while I don't know which condos are where over there, I can clear up that HGVC are the same as the "hilton" condos Dan mentioned -- Hilton Grand Vacations.
Kolea is a completely separate luxury development, some of which is oceanfront and some not, which are individually owned and will vary as to desirability. I have yet to hear anyone complain that they didn't enjoy Kolea.
Kolea is between the Marriott and the Hilton.
No matter what you pick it will be some trouble to meet up with your friends on the Hilton property, as it takes 5-10 minutes just to walk in from the Hilton's own parking lot, which is downhill from the hotel, and from there it is a vast property.
So if you plan to do something at the Hilton with friends, that is one thing. If you are just meeting, easier if they come to you or meet you at the Kings' Shops which are conveniently central and served by shuttle from the Hilton.
From what I understand, the HGVC stay gives access to the Hilton pools, whereas the Bay Club which is associated somehow does not. You would want to confirm this. There are no condos except HGVC that give you any shot at using the pools, so if that is important to you consider that factor. Visiting friends of guests don't get wristbands. Pool pass costs $80 a day and is for up to 4, but if the hotel is near occupancy at all they won't see you one.
Now if you don't care about the pools at the Hilton (which are best if you have kids) it is all much simpler, but I thought I'd throw that out there.