We fell in love with the courtyard as soon as we entered the lobby of this hotel. It really is fanatastic, and a great place to sit and read or have a coffee. The staff were very friendly and helpful, and the room itself was clean and comfortable. The main problem is, as other people have noted, the rooms aren't very private. Most of them are set around the lobby/courtyard and you can hear everything from the neighbouring rooms and outside. I wore earplugs, so it didn't keep me awake, but it was a problem. The rooms are also quite small and dark. I imagine the couple of rooms set outside in the external courtyard might offer more privacy, so it would be worth checking those out.
The hotel is in a great location, right near the zocalo. I'd also highly recommend doing a tour to the neighbouring villages of Chemula and Zinacantan. We went with Raol, Alex and Cesear who are outside the cathedral every day at 9.30am and who have been mentioned in other reviews. It was one of the best tours I've been on. Cesear was very knowlegable about the place and people and it was a very rewarding and interesting experience. A visit to Na Blom house is also a great experience. We stayed on for dinner there one night, which wasn't cheap, but was delicious and worth every penny.
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