Hotel Four Seasons at juhu beach,would be perfect for you with in that budget,You can go for a inorbit Mall for the christmas eve celebration.
Try this hotel in Juhu: it is not 5-star but it is a very nice boutique hotel. http://www.juhuresidency.com/
All the restaurants will have Christmas Eve dinners. Go to Vie Deck and Lounge and hang out at the bar by the beach.
In the evening Juhu beach is interesting to see, with all the street food and the hundreds of people, it is like a carnival with people selling balloons, ferris wheel rides, henna tattoos and so on. Then at 6:30 or 7:00 if you are at the ISKCON temple you can see the evening prayers.
Hotel Citizen is a nice place at Juhu....
I have stayed here and enjoyed my stay...
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