This is the 5879th most frequent Dutch word.
party
A social gathering or celebration.
Here, 'party' is used as a noun borrowed directly from English to refer to a social gathering or event.
De party was erg leuk en we hebben tot laat gedanst.
The party was very fun and we danced until late.
In this sentence, 'partij' (a cognate) is used to mean 'party' in the sense of a participant or side in a discussion or negotiation.
Hij is een belangrijke partij in deze discussie.
He is an important party in this discussion.
'Party-tent' is a compound word where 'party' qualifies 'tent' suggesting it's a tent designed for parties or events.