We just stayed in the El Establo last August. It too worried me that it had no air conditioning, but I could not find any hotel in Monteverde that did ... there is a reason - it's in the cloud forest where it never gets too hot and basically, air conditioning is not needed. I'm sure in March it will be even colder (but don't worry, they even have fireplaces in the rooms) The hotel itself is absolutely beautifull. We originally booked a deluxe room and they upgraded us for free to a suite that had a loft for us, and two more beds downstairs for the kids. The staff is sooo amazingly nice and helpfull and they have a great tour desk.
As for the Arenal area, we stayed at the Lost Iguana resort (read my review on it) - it's amazingly beautifull, literally nestled in the rainforest.
Lana in Sunnyvale :-)
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