I stayed in Cocobay in Jan 2007. It was a wonderful experience.
The approach road could let you down, but don’t be disapointed. A boat will take you to the hotel from the parking lot.
On the+ve side
From there you will receive a indian welcome.
The rooms are even though not very specious, but neat and clean and well maintained.
The swimming pool is the high point of the hotel.
Food was good and reasonably priced.
Very few rooms have a lake view, but at the same time the common area is nicely maintained from where you can have a great view of the lake.
The only negetive point was the reception and the chek out process.
Even though I had booked a sea view room by paying extra money, at the time of chekin the front desk guys tried to give me another room without any view. I had to fight it out with him to finally get the room.
Overall it is secluded, well maintained and reasonable.