I prefer the Amara and have just booked three night there in September. It's about a five minute walk from the New Twilight Male bar and five more from Moonlight, Hot Male, DreamBoys etc. The Raya once steps from Twilight is now next to a construction site. It hasn't moved just the developers have moved in on Twilight.
If debating between the two, recommend a @vinapusolution...a few nights at each. My version of this is Amara to start, then Pattaya for a few nights, then back to Bangkok with a stay at the new Quarter Silom hotel.