The Arenal Observatory Lodge
My splurge for the trip was two nights at The Arenal Observatory Lodge, which was very worth it. The lodge was build by the Smithsonian to monitor the volcano when it was active. It has very good views of the volcano, is far from everything, and you can even hear the volcano rumble at night.
Just look at this main room with the bedrooms along the side, it is large, clean and very airy. I fell in love with it immediately.