Hostel will be best, as you'll out full day till night by enjoying beaches, nightlife, water sports. So, you'll be needing only Bed and breakfast. For that hostel is best.
If with family try AIRBNB for whole villa and at good budget if solo go for hostel it will be much more cheaper and will get in the best fit of ur budget
Hostel Stays are more Fun while Hotel stays are quiet and comfortable,
Hotel Retreat Anjuna is a good option I've Stayed there for 3 days it was pleasant stay.
Hi Gokula, hostel are better. You get a chance to meet new people. Attaching a few options for you below. Please click on the links to see information, location and booking details.