How many people will be with you and what are their ages/family relationships?? The full kitchen and washer/dryer are nice to have, but if you have different groups who need space, there's not much room to "get away" from each other in a 2BR, because someone is using the living room space as their bedroom (sleeper sofa.) Just depends on your needs...
I would need some more information to give an answer that is specific for your particular group. The number of people and the sex and ages of those people is necessary to be able to give good advice.
For starters the 2 bedroom has a maximum occupancy of 8 people ( +one child under the age of 3) so more than that would have to be the 3 room route
As a general "rule of thumb" I would say for 2 families and less than 8 people the 2 bedroom unit is going to give more room, more in-room facilities and if the adults enjoy socialising it's easier to put the kids to bed and the adults could enjoy a glass of beer/wine together. It is also easier for one set of adults to babysit the others' kids if they want to go out to PI/nightclubbing.
If the group is 3 sets of adults I would go with 3 rooms at a hotel. It gives each set of adults their own bathroom, there is equality in bedding options (I'd be more than a touch miffed if I was half of the couple who got stiffed with the pull out sofa bed) and a lot more privacy.
I'd do the 2 BR and if you don't think it's enough room, get an extra studio. I'd think you can work it for that group pretty easily. Put hte 1 y/o in the pack n play and the 3 y/o in the room with the parents (various options here).