Definitely walk the Malecon! Great restaurants, all kinds of shopping, neat nightclubs. Beware of timeshare people. IF they suck you in and you agree to go to a presentation...ask for lots of gifts. Excursions, money(pesos or dollars), tequila, etc. They were giving up to $400 US. Make sure you are paid for your time and annoyance. We went to the Malecon at least 3 times. We loved walking by the ocean, eating lunch and enjoying $1 margaritas!
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