We were offered a room (mid-July, 2011) for only 500 yuan a night. Got a large bedroom with double bed, one with the splendid sea view. The room was very large, cosy and comfortable. Everything was perfect room wise. Breakfast is excellent: a buffet with everything you need for an european or american breakfast (unlimited bacon and eggs yum). Don't miss the breakfast because lunch and dinner are clearly meant for asians or russians. The buffet restaurant is expensive and not satisfying. I recommend eating outside, there are other good places to eat - find them on Tripadvisor.
It's fantastic to wake up in the morning, opening up the curtains and staring at the gorgeous ocean view. The beach was nice but definitely not the best in Sanya, the water was a *tiny* bit dark and muddy. It is a private beach and outside people are not supposed to access it, which means it stays relatively calm and non crowded. The swimming pool is large and very nice to hang out at night -- since we were strongly recommended not to wander around on beaches at night due to thieves and whatnot.
Overall we loved the place and will probably go again if we are offered prices in a similar range (doubt it, we must've gotten lucky).