The resort is located next to, and includes access to, the water park. We stayed there for one night only and had a lot of fun in the park, but also felt that 1 day in the park was enough.
The hotel itself was a disappointment. It's an all inclusive resort, with food buffets and drinks included. Unfortunately everything is of very low quality. Warm beer, overcooked vegetables, dry meat, all in a noisy environment.
The bedroom was ok size since we were only staying for one night, but the combo bed was terrible and wasn't even flat. In addition the hotel messed up which room they gave us, so another family got keys to the same room.
If you want to visit the water park, I would recommend finding another hotel in Corfu, visit the park during day, and find a nice cosy restaurant in the evening.