Provincetown's Boatslip Resort Hotel (links, 508-487-1669) is ground zero each day at 4 pm in summer for a must-attend gay tea dance (which is followed by a post-tea-dance at the nearby Pied Bar).
It's also a hotel, casual (lunch-only) restaurant, and bar, with many rooms overlooking water. That being said, it's always been more a spot for revelry than luxury, and the actual accommodations had become a bit dated over the years, but I'm told that in 2009 the Boatslip totally revamped its rooms. Either way, if you're a social butterfly bent on staying in the middle of the action, this is a good bet, as you have access to the lively pool and all the fun that goes on here during tea dance. Hotel guests receive free admission to the tea dance as well as use of a chaise longue and towel around the pool and deck - it's the largest waterfront deck in town, so definitely a fun place to mingle, cruise, and tan during the day.