Sorry Khizman, but I beg to disagree on just one point. If this is your first time in Morocco you will be overwhelmed by the colours, the noise, the hustle and bustle and all the wonderful differences from life over there that makes the holiday so unique.
I would say take a guided tour of Marrakesh. (Even though I agree that the Ibis is a good hotel.)
There are several reasons for this;
You can certainly look up places on a map or in a guide book but it will make you 'noticeable' to all the hustler guides ... Better let yourself be guided - you will see so much more and in a short time frame such as two days (the minimum!) you will see the sites efficiently with coaching to the further-flung areas such as the Palmerie, and with a guide in front and a tour company 'sheepdog' at the rear to make sure you don't get too lost in the souks you will see loads, and the fact that you already have an official guide who will take you to different parts of the souks (and elsewhere should you ask nicely!) a great part of the hassle that can spoil the day is automatically avoided. You can just get on with enjoying yourselves.
There will certainly be spare time in the evening to revisit the Djemma el Fna square at your leisure.
Please make sure you stick to bottled water (even to do your teeth) I speak as one who had a really miserable tum and bum during my visit to Marrakesh (but still enjoyed it immensely!). You will need tissues for the loo and 1 or 5 dirham coins for the attendant. And DON'T believe the Saadian Tombs toilet attendant who insists on being paid in Euros!!!!
Have a really wonderful time - but don't forget that life is very different over there.