Pros:
In a city of 1-story buildings, this hotel offered nice mid-rise views, lake side is best. Beautiful and elegant pool and common spaces. Beautiful decor with really nice sculptures and other art. Fabulous bathroom in the room, elegant, with high-end fixtures and plumbing controls and GREAT water pressure. Nice, elegant restaurants on premises, excellent selection at the breakfast buffet. Staff speak English and are professional and courteous. Parking lot was big enough, gated, with a guard present 24/7. Hotel shared a gate and fence with a beautiful mall, with restaurants, shopping and a grocery store. McDonalds was outside of the gate, but walkable.
Cons: (nits mostly):
The nice views were detracted by dirty windows. Choice of a translucent bathroom door floods the sleeping area with light when someone is in the bathroom. In the restaurants, I would have liked some commonplace American cuisine options without the fancy chef recipes, (but that's just me). The hotel is pricey to begin with, so it was irritating to have to pay extra for breakfast. The area outside the gate was not overtly dangerous, but a little sketchy.
Summary:
Ream InterContinental IHG is expensive, but a genuine 5-Star hotel in Managua, sharing a secure and enclosed area with a very nice mall. If you can afrford it, I know of nothing else it its league in Managua.
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