To please both the men and the women, I'd pick a hotel either near to the bakerloo line or the jubilee line.
Also, think about Sunday morning. If you're planning on not going home until late in the day it's a poor idea to stay out of town. Stay central and make the most of it.
Check out booking.com, or something similar. You're in good time to snag a cheap room. Cov Gdn/Shaftesbury Avenue/baker St, etc should be great for you.
I guess it's about location rather than anything else. For my money, I'd stay in a cheap hotel and if I wanted to splash some cash I'd go for a nice dinner/breakfast/brunch and keep your partners happy that way.