We stayed at the Beach Colony a few years back, in late summer 2007. It was a bit outdated, but the room was super clean and comfortable, and the hotel itself was nice. I don't know if it's changed at all since then, but the lazy river and pools were very clean, the little outdoor bar was very nice, and the staff was wonderful. There was an indoor pool also and it too was very clean and well maintained. The beach was really nice and not so crowded, which was great.
As has already been said, it's in a quieter area. It was our first time staying in MB and we were disappointed that there weren't too many bars/restaurants within walking distance. (If I recall, there was a River City Cafe fairly close by and a few other places. If you walk down to Kings Hwy there's also a few places to eat, but otherwise you will have to drive or take a cab.)
That said, staying in that area is what made me decide I want to live in MB. While on vacation I like to be in an area with a lot going on, but for everyday regular old living, that area is my dream location. One day I had some downtime and so I power-walked up north past the hotel, walked across Ocean Blvd and through the residential neighborhoods. I fell in love. It was all these cute houses, and even though it was just before Labor Day weekend, it still seemed so quiet and peaceful.
Anyway, that's straying from your question a bit, sorry

To sum it up, although it was 6 years ago now, I really enjoyed the Beach Colony and had absolutely no complaints. We've since stayed at a few other hotels in the same price range that I was not very happy with, and some rather expensive hotels where the rooms were not even as clean and well maintained as the one we had at the Beach Colony.
Hope this helps!