The short answer
Hot Springs National Park lodging is not like lodging near Yosemite or Yellowstone. The park is downtown, the springs are protected, and public soaking happens through bathhouse operators rather than natural outdoor pools. That makes location unusually important: the closer you stay to Bathhouse Row, the less friction there is between your room, your bath appointment, dinner, and the park walks.
For most visitors, the right answer is a walkable hotel on or near Central Avenue. Stay farther out only if you want a cabin, lake setting, lower room rates, or a quieter car-based trip. The thermal experience itself still happens at Buckstaff or Quapaw, so the lodging decision should start with how many times you want to move the car.