The winger failed to appear at the ceremony, although boss Simon Grayson insisted this had been pre-arranged.
"I think he'd booked a holiday because he is away with the Republic of Ireland in a few weeks' time at a training camp so he has taken a few days away before that," said the manager.
However, the odds appear to be stacked against Hoolahan being a Blackpool player next season. There is a clause in his contract allowing him to leave, for a fee believed to be in the region of £250,000.
And with at least a dozen Championship clubs linked with a move for the 25-year-old, Hoolahan is understood to have told friends that he is ready to move on.
Questioned about whether the likes of Hoolahan and defender Kaspars Gorkss – who has a similar clause in his contract – would be here after the summer, Grayson replied: "If I say I expect them to be here next season and they're not, then people will think I'm not doing my job properly.
"All I'll say is that they are our players at this moment in time.
"I'd like them to be here but football doesn't work like that.
"Certain players move on – better players playing for bigger clubs have moved on. That's just the way it, that's what happens in the summer.
"I'd like to think they'll be here but I can't say for definite because in this game you can't say anything for definite."
Hoolahan is due to link up with Ireland in the next week to take part in a training camp under new Irish boss Giovanni Trapattoni.
He is part of a 40-man squad which will be whittled down to 22 as the Republic prepare for two friendlies at the end of the month.
Charlton, Crystal Palace, Wolves, QPR, Plymouth and Sheffield United are among a number of clubs keeping an eye on Hoolahan's situation and it is expected that a bid for the Pool man's services could be made soon.
Paul Dickov was also an absentee from the player of the year show – he had to be at Manchester City's instead. Grayson plans to talk with the Scot soon about his plans for next year.