I would say with the strength of the Euro these days it would work out quite expensive in Tenerife..although it will still be warm and it is always lively in PDLA or LC.
I think I would go to Egypt..and Sharm has plenty to offer you by way of nightlife, especially in Naama Bay. Egypt is much cheaper than Euroland at the minute but on my last visit, I changed my currency over there as I still got over £10LE to £1 English whereas over here, the rate was barely £9LE.
Egypt at that time should be warm in the day but cooling off at night..slightly warmer than Tenerife I would say but not alot in it. I have been to both Egypt and Tenerife in November and found little difference in temperature.