first off, this depends on what constitutes as a "party'. For the sake of my answer, I'm going to assume that you're talking about a get-together.
The setting really depends on who is in your friend group. For example, if your friend group is mostly comprised of introverts, you'd want a more quiet, enclosed setting - say, someone's house, or the movie theater. This allows your group to feel more comfortable expressing themselves and gives them a quiet atmosphere to retire to if they no longer want to socialize. However, if it's mostly extroverts, a bar or club would allow them to let loose, be loud, and befriend strangers. If your group is half and half, try something that meets in the middle - like a cafe.
You want to dictate and plan the event in accordance with everyone's personality types so that everyone gets to do something that they enjoy.