To the OP:
It sounds like you're using the terms "preferred view" and "preferred location" to mean the same thing, and they're not.
At CBR, a "preferred location" means being in any room in either of the 2 villages beside Old Port Royale, which are Matinique and Trinidad North. You pay more to be there when you want to be within relatively short walking distance to Old Port Royale.
CBR also offers "water view" rooms, although the water one pays to view may be the village pool and not the lake.
Each option costs $15 per room per night. When I made reservations I was told that you can't pay $30 per night for both options, a water view in a preferred location. If you pay for the preferred location, getting a water view is a matter of luck (or persuasion).
Preferred location is good if you want to make sure your walks to and from Old Port Royale are kept to a minimum. If you don't care about how far you might be from OPR, don't pay the extra money. I've NEVER asked for water view because I haven't wanted to, in my opinion, get "stuck" overlooking a pool that might be noisy at night.
The first time I went I didn't know to ask for anything special. We had a room in Aruba, right across from Jamaica, right near the bridge going acros the lake to OPR.
Last time, last month, I paid for preferred location to be near OPR because I thought it would be convenient for me with my 2 pre-schoolers. Well, we got probably the farthest away preferred room, Trinidad North #3340. However, the good part was we were probably the closest room to the Trinidad North bus stop, so that was very nice and convenient when we were tired and returning from the parks.