We just got back from Grand Turk about a month ago. We rented a cabana. It was located at the pool at the port. The beach was in close proximity. We had our own cabana boy who delivered us food and drink (at our cost). Margaritaville was right there, and the mango margaritas were excellent. The cabana had 2 lie down chairs on the porch in the shade, which you could move if you wanted to sunbathe. Inside, it had a table for four, places to hang your towells, ect. It was very beautifully decorated inside. It was nice to have the ocean and a chlorine pool just steps away. It also had a fresh water shower to rinse off in, just outside your porch. The people who had not rented a cabana were very jealous and wanted to know how to get one. You probably need to book early. There are only 8 cabanas for rent. The price was $100 for 4 people for the entire day. Well worth it!
On another note, later in the day we did the reef N' rays. An excellent excursion. The reef is pristine. The 4 foot barracudda (Harry) and nurse shark (3 1/2 foot) were awesome. We then went to Gibbs Cay for the stingrays. They are amazing. All in all, it's only about a little over 2 hour excursion, but it was really great!