If you're gonna party it up in Steamboat (Totally fun!) I HIGHLY recommend staying in Steamboat. The Rabbit ears motel is great and so is the Alpiner Lodge. Both are right downtown and walking distance to all bars and restaurants. You DO NOT want to be driving around with out-of-state tags at night after drinking, the cops are azzholes! I used to live there, I should know. Also the buses run til 2 am and are free! And both places have good parking!
Good luck!