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Buenos Aires Lures Jet Set With Weak Peso

Buenos Aires's allure remains undiminished for American travelers looking for the romance of Paris made affordable by the weak Argentine 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


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

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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.

Where to shop:

Astute shoppers look for clothing and furniture in Buenos Aires. Skip the malls and department stores, and look for unusual boutiques in Palermo Hollywood and Palermo Soho. Men should hit


for Bueno Aires's version of Marc Jacobs. Woman should visit


a few streets over, by the same owners.

For decadent housewares, hit


in Palermo Soho, where you'll find high-end kitchen ceramics and silver furnishings. For something older, don't miss the San Telmo Flea Market on Sundays at Feria de San Pedro Telmo. Also check out antique stores, which offer Victorian relics at decent prices.

Where to eat:

Tranquil cafes line the streets of Buenos Aires.


is a sexy eatery in Palermo Soho that attracts local fashionistas and Hollywood expatriates with its sidewalk terrace and front lounge. For something edgier, hit

Oui Oui

a few blocks away in Palermo Hollywood, a bakery popular with 30-something skateboarders and graffiti artists.

For dinner, make a 10 p.m. reservation at a new hot spot like

To Sushi

, which offers rotating sushi bar and a fusion menu that combines French and Japanese cuisine.

For more of a Madonna vibe, hit


, which has replaced Casa Cruz as Buenos Aires's top restaurant. Chef German Martitegui dazzles with a mix of adventurous Argentine cuisine that marries homemade terrines, wild meats and exotic seafood in a glittery dining room hidden behind a crusty urban facade.

Those looking to dine under a little less white light will find culinary paradise at

Casa Felix

. The private home of chef Diego Felix offers a five-course vegetarian and seafood menu Thursday through Saturday in the evening. You'll fine homemade empanadas stuff with ingredients from an on-site organic garden and grilled fish presented in a checkered-floor dining room that seats no more than 13 guests and often fills up weeks in advance.

Where to go out:

By night, meaning 2 a.m., the city comes alive at a host of hot supper and dance clubs from Wednesday through Saturday.

The Congo Room

in Palermo Viejo is one of the area's hottest bars, with an amber-lit interior and a soundtrack of sultry dance anthems and '80s pop tunes. For more star wattage, try


, a tango-free hip-hop enclave in Palermo Soho that offers a dance scene that lasts till 5 a.m. For more dancing, try


, which is known for playing electro, hip-hop and drum bass till morning.

-- Reported by Michael Martin of

Michael Martin is the managing editor of -- a luxury travel and lifestyle guide based in Los Angeles and London. His work has appeared in In Style, Blackbook, Elle, U.K.'s Red magazine, ITV and BBC.