The bottom-line is that this is an incredibly good place to stay in Buenos Aires for a ridiculously good price.
I read many reivews about Hotel Costa Rica which gave me the confidence to book there, so when I checked into a room upstairs (with shared bath), I was a little surprised it was actually not really good enough. The shared bath thing I just couldn't do. They were cold and it takes lightyears for the water to heat up. The good news is that they were able to move me immediately to a room with a bath, and that room was perfect. The good news is, during my stay they were renovating some of those shared rooms, so I am sure people will be happier with those rooms in the very near term.
That said, this hotel is walking distance (5 - 10 mins) from all of the great restaurants and shopping of the rapidly gentrifying Palermo neighborhoods. I traveled here alone and was totally safe walking around day and night. You just have to be alert and not stupid and you will be fine.
Location is a great reason to recommend the hotel, but so is the hotel staff. Silvina, Jose, and the impossibly charming and handsome Thommi are all young Argentineans who made my stay very comfortable, answering to all my requests, including coordinating taxi to and from the hotel, something I didn't expect since the price of the hotel is more like that of a hostel than a place that would actualy provide additional service like that. These kids were excellent & charming and made the stay great.
The room was perfect. Tiny, but really no smaller than that of the Hudson Hotel in NYC. The modern poured-concrete sink was very cool and had really modern faucets -- details you can appreciate in the otherwise sparse room. The maidstaff were perfect and my bed was always clean & crisp.
Yann the owner is making a number of improvements... I only suggest the following:
- please provide hair dryers in the rooms
- please provide transformers and adapters for US and other international guests to check out at the front desk
- please add alarm clocks to the rooms as well as phones (lack of these two amenities and inability to call the front desk for a wake up call are the only reasons I like to refer to this hotel as a *5-star hostel* - - without these basic amenities, it really is just an awesome hostel, but not quite a hotel.
I will definitely come here again. 5 nights cost only $350 USD. (I pay that for one night in NY easily.) I recommend it for travelers who are too grown up to stay in actual hostels, etc, but are looking for more value and more opportunities to meet other travelers than you would find at a standard hotel. It's perfect for the professional 25 - 35 year old set.

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