Check their online reservation thing on their site. Depends on what days your going down, for when I'm gonna be there, March 7-11th it's only $79. Some nights it goes up to $99, and other nights they're sold out. They seem to change their rates almost daily, so no telling what will be available a week from now.

I haven't been to Panama City for spring break before, so can't say from experience, but its right next door to the superclubs and MTVu tent, so I figure its gotta stay pretty crazy there. Plus from what other people have said, Boardwalk has parties all over the hotel.