We stayed at the Reef Oasis Beach Hotel in October 2007, we were in the 900 room block which is a small selection of 2 story rooms and several small pools. It's on the outskirts of the complex, furthest away from the beach. During our stay they had just completed the new Reef Oasis Palm Resort (still part of the same complex just new block of rooms.
From what I can remember they were building a water park on the entrance to the complex and depending on what room you are staying in you could be in for some noise. The downside is that if you have paid to stay in one of the superior rooms, the other rooms were a bit tatty and needed renovating, which they said they were doing at the beginning of this year. I had lots of issues with Airtours who would not confirm or deny that building work was taking place, so be careful if you ask them.