Buenos Aires Lures Jet Set With Weak Peso

BUENO AIRES (TheStreet) -- Despite economic hardships in recent years, Buenos Aires's allure remains undiminished for American travelers looking for the romance of Paris made affordable by the weak Argentine peso.

Tourism has flourished in Argentina's capital with a bevy of new boutique hotels along the vibrant Puerto Madero waterfront and new developments by star architects such as Normal Foster and Philippe Starck.

Chef Diego Felix serves fine fare to vegetarian foodies at Casa Felix.

Where to stay: Buenos Aires's affordability attracts expatriates and bohemian artists who can find rentals for $500 a month or properties for less than $100,000. For those looking to stay long term, companies such as Buenos Aires Habitat specialize in upscale apartments and lofts throughout the city. Those unfamiliar with the grit of urban living should stick to established neighborhoods like Recoleta, the Beverly Hills of Buenos Aires, instead of edgier areas such as San Telmo or Palermo Hollywood.

Those going the hotel route will find exquisite accommodations, such as the Park Hyatt Duhau Palace and Alvear Palace Hotel, and new boutique options in the Palermo and San Telmo neighborhoods. Hotel Home, owned by a British record producer and his wife, is one of the city's best-known boutique hotels. The five-year old Palermo Viejo property offers quirky rooms situated around a tranquil garden, with a bistro bar and a small swimming pool that's more Austin Powers than Eva Peron.

For a more authentic Argentine experience, check in to the Legado Mitico in trendier Palermo Soho. As you enter its handsome lobby, you'll find walnut bookcases, leather sofas and a reception area manned by a buttoned-up staff. Legato Mitico's rooms are designed after famous Argentines like stage star Tita Merello, writer Jorge Luis Borges and Che Guevara with antique furnishings and concrete fireplaces adorned with original artwork.