I have been visiting or passing through Villahermosa since 1962, and have stayed in almost every hotel, from the Hyatt to $5 a night hotels (in my student years). This experience can help you plan your overnight in Villahermosa.
Mexican hotel chains change name every decade, thus what is now the Cencali used to be the El Presidente, and so on. The Hotel Cencali is next door to the Hyatt; the Hotel Viva is in front of the Hyatt. Thus this area is recommended. Access to and from the highway to Palenque or the Villahermosa airport is simple-- you are directly on a main intersection to the airport and Palenque.
I have stayed in all three. I prefer the Hotel Cencali because it is shielded by the other hotels from direct highway noise. It is considerably more economical than the Hyatt next door. Although I prefer the Hyatt in Merida, the one in Villahermosa has very small rooms. For breakfast, however, no matter which hotel you are in, the breakfast buffet in the Hyatt is the best in town. I especially like the fungus on the maize, an Aztec speciality that is quite tasty.
The Hotel Graham Suites is another place I enjoy, as it is directly on a lake and the owner is pleasant. The Graham Suites requires a cab to get anywhere, whereas the Cencali, Hyatt, and Viva are within two blocks walking of the Parque La Venta, the Olmec outdoor museum.
Hotel Cencali, Villahermosa, Tabasco, Mexico, Juarez y Paseo Tabasco s/n (which means sin numero) in other words, the hotel is well enough known it needs no street number.
On the subject of the Hyatt Regency, the one in Merida has larger rooms and is overall more impressive.