I just bought some towel wraps for my bridesmaids off of Etsy. I had been comparing prices and I thought this was a great deal. The wraps are only $20 each and you can pick your own towel color, ribbon, and thread color for personalization. Plus she is based out of Cypress so you can pick them up from her so you don't have to pay for shipping.
http://www.etsy.com/listing/70580750/wedding-bridal-party-personalized-towel