There were two annual passholder lounges at one time. One in the Land and one at the Animal Kingdom. The one in the Land was by far the nicer of the two.
It was on the third level of the Land. If you've ever noticed the elevator that takes you down to lower level (when you walk in, it's to the left of the Garden Grille, in the alcove with the bathrooms), that was the way to passholder lounge. That elevator actually goes up a level, which is where the lounge was, but you needed to press the buttons in an odd way to make it happen. When you got to the third floor, there was a small hallway to walk down and then a reception desk. You can see the hallway if you look up from the main level. The lounge had a few couches, a television, water and soft drinks, and even got some character visits now and then. I have a few pics somewhere of the lounge.
The AK lounge was outdoors, and was roughly behind Pizzafari if I recall. Water was available, and a couple of electronic games (whack a mole type things), and that was about it. It was quiet and shady, but not much else to recommend.
I don't remember how long they were open, but they closed at least 5 years ago.