I stayed at Morgan's Rock for 2 nights and 3 days, and while the rooms, which are bungalows in the jungle effectively, are very cool, the service and benefits did not equal the cost. The upshot is that one seems to be paying for 3 things: the views, the bungalows and the private beach. The staff is very nice and a little shy.
The cost for a couple to stay at Morgan's Rock is double the cost at the other fancy hotel in San Juan del Sur, Piedras y Olas (we also stayed there). However, I did not find that what M.R. had to offer doubled that of P y O. Yes, M.R. has its own beach, which is gorgeous, but I suspect you could do just as well by going to another cove on Nicaragua's Pacific Coast and renting a lovely house with a staff. (I will also note for comparison's sake that the highest end hotels in Managua were about $100 a night. We stayed at the Intercontinental at this rate, and it was your standard lovely room with marble bathroom, central air and high thread count sheets.)
M.R. is meant to be a high-end ecolodge modelled after a similar hotel/lodge in Costa Rica. I had the distinct impression that the rates and many of the amenities at M.R. were directly copied from the Costa Rican spot without any thought given for the value proposition for the customer. I.e. I sometimes felt I was being taken advantage of as a naive, American do-gooder interested in all things eco. In one of the poorest countries in Latin America, I would think my dollar would go a lot further.
Some specifics:
We paid $219 per person for 2 nights ($440/night). The menu was set for breakfast, lunch and dinner. We got the 7 am coffee to our front door--very nice touch albeit copied from the Costa Rican lodge.
Some personal trials:
Set menu seemed OK initially, but my boyfriend is a vegetarian, and he had very few options i.e. one choice at lunch and one choice at dinner--that repeated every day. That he was a vegetarian was communicated to M.R. in advance but there was no advance planning on their part to make it easier on him. At least once a day he had to eat veggie quesadillas, and one day he had to eat quesadillas twice. Quell horror!
By the end, we got savvy and started asking for specific dishes. I'd like to point out that the entire point of a luxury hotel is that service is incredibly high and one's desires are anticipated. It would have been a lovely touch if they offered a bunch of different ideas to him upon our arrival of what they could make to augment the menu. Note: much of the food served comes from their farm and they employ no chef. That is cool when you eat fish and meat.
Alcohol is a separate charge at M.R. although all food is included. Of the activities/tours offered about half are included in price of stay and half are additional. The additional trips are far more interesting like a fishing trip or a guided karak tour. The included trips are things like day or night hike. The best included tour was to the lodge's "farm" where we milked cows and hung out with free range chickens and then ate the eggs that we hand-picked from the nests.
English fluency was scarce which is fine, and I enjoyed improving my Spanish, but you would think that a $400 a night hotel in a poor country would employ the top of the top notch hotel workers. Same goes for yoga, massage and level of food cooking. Also of note, M.R. lists mountain biking as an activitiy, and the hotel only had one working bike and that bike had a flat tire. That is kind of what the yoga and massage felt like too.
For me to have felt like I got my money's worth (double the price of the nearest fanciest hotel in the country, as far as I could tell), all activities and alcohol should be included in price, as should transfers to other cities, hotels, etc.
As for the crabs, scorpions, etc in bungalows that people have been concerned about on this site, I did not find that to be a problem. Our room was really lovely and on the first night there were some strange, large black bugs in the shower, but they never came back.
Upshot: I think this is a great spot IF ONE OF FOLLOWING 2 CHANGES ARE MADE:
1) a reduced price or
2) at the same price with more included service, activities and better trained workers.