Don't cry for Argentina—six years after its financial disaster, Buenos Aires is humming with vibrant new hotels and chic eateries. David Ebershoff checks it out

Buenos Aires is spread over a large area that runs roughly north–south along a bend in the Río de la Plata. The neighborhoods where you'll most likely spend your time—Microcentro and Recoleta, Palermo Viejo and San Telmo—are best explored on foot, but you'll need wheels to get from one to the next. A cab between Palermo Viejo and San Telmo can take up to 40 minutes but costs only about $6.

The country and city code for Buenos Aires is 54-11. Prices quoted are for February 2007.

Lodging
For proof that Buenos Aires is hotter than it's ever been, you need only look to the excellent hotels colonizing the city. In fact, Argentina's capital was home to 5 of the top 15 South American hotels in last year's "Readers' Choice Awards": the Alvear Palace Hotel (4808-2100; alvearpalace.com; doubles, $550), the Caesar Park (4819-1100; caesar-park.com; doubles, $275), the Four Seasons (4321-1200; fourseasons.com/buenosaires; doubles, $350–$590), the Park Tower (4318-9100; starwoodhotels.com; doubles, $290–$330), and the Sofitel (4131-0000; sofitelbuenosaires.com.ar; doubles, $240–$390). And new and newly refurbished hotels in Buenos Aires—including bijou properties, revamped classics, and towering altars to urban design—are springing up at a brisk clip. The hippest branded property is the Spanish-owned NH City & Tower, near the Casa Rosada and the Plaza de Mayo. NH Hoteles unveiled the "City" portion—a 303-room Art Deco palace—in 2000; what's new is the "Tower," with 67 rooms clad in granite and dark-lustered wood and offset by lime and mustard splashes. Opt for a seventh-floor room with an outside terrace (4121-6464; nh-hotels.com; doubles, $160–$259). A sister property, the NH Crillón, set on the leafy Plaza San Martín, merits watching: A renovation, scheduled for completion around midyear, will restore the oak floors and create interiors in chocolate and slate (4310-2000; doubles, $110). On the same square, the 1909 Marriott Plaza Hotel's chandeliered ballrooms and marble, oak, and gold filigree exude Belle Epoque grandeur. A face-lift last August brought plush new beds but, sadly, didn't touch the dated carpets. Still darkly attractive, though, is the jade-and-black bar on the ground floor (4318-3000; marriottplaza.com.ar; doubles, $175).

Age is an asset, too, at the new Costa Petit Hotel, in Palermo Soho, where the owners salvaged 19th-century lamps, wicker sofas, and club chairs and installed aged pino tea–wood ceilings and floors of crosscut caldén hardwood. Four rooms, draped in turquoise velvet and rich with the aroma of beeswax, are arrayed around a jasmine-filled garden and diminutive pool. Staff can arrange everything from yoga and polo to yachting on the Río de la Plata. Lovely touches include custom-blend tea and eclectic reading materials (4776-8296; costapetithotel.com; doubles, $150–$250). Nearby, Home's 17 rooms manage to be cool yet cozy, with polished concrete floors and cushy window seats. The retro floral wallpaper might be ironic, but the service and the general pleasantness of the place are not (4778-1008; homebuenosaires.com; doubles, $115–$150).

There's a grittier feel at Ce Hotel de Diseño, where 28 mini-apartments of glass, steel, and exposed concrete overlook the buzzing Avenida Callao (5237-3100; designce.com; doubles, $130–$240).

Superlative service and sharp-eyed design are the main draws at three other standouts. Casas Concierge Alcorta is a crenellated stone villa with three large lofts opposite the MALBA modern art museum. Each is tricked out for entertaining with music and magazines matched to guests' tastes—and you can keep the CDs when you leave. Staff will arrange private sessions with antiques, fashion, food, or wine experts and can even arrange a tango show in your apartment (4115-4620; casasconcierge.com; doubles, $300). The enchanting Park Hyatt is known locally as the Palacio Duhau—and you want one of the rooms in the historic palace (5171-1234; buenosaires.park.hyatt.com; doubles, $320–$410). Finally, the two-year-old Faena Hotel & Universe remains one of the city's hot spots, with a sexy pool, two restaurants, and a nightly tango cabaret show (4010-9000; faenahotelanduniverse.com; doubles, $500).

Dining
When looking for that great Argentinean meal, keep in mind that this is a country of immigrants: 85 percent of the population are of European descent. Tagliatelle and boeuf bourguignon are as authentic as grilled Patagonian shank steak.

An update of an early-20th-century bistro, Standard, in Palermo Hollywood, has caramel wood paneling, red leather banquettes, and mirrored columns. The menu is straightforward but sophisticated: grilled beef, game, and fish, as well as salads and local wines. Note the waitress uniforms, which were designed by local star Pablo Ramírez (at Fitz Roy and Guatemala; 4779-2774; entrées, $8–$12). Nearby, Ølsen has garden dining, Wi-Fi, and reinvented Scandinavian eats—whitefish fillet, potato salad, meatballs—and serves a basil mousse and more than 60 vodkas (5870 Gorriti; 4776-7677; entrées, $7–$12).

For lunch in an unintentionally trendy setting in Palermo, Social Paraíso serves inventive fare such as salmon with caramelized celery, and a ravioli with Brie, tomatoes, olives, and basil (5182 Honduras; 4831-4556; entrées, $5–$7).

Snag a seat in the gardenia-scented garden at the chic Bar Uriarte. In cold weather, warm up beside the igloo-shaped pizza oven, and watch the chefs prepare contemporary cuisine (1572 Uriarte; 4834-6004; baruriarte.com.ar; entrées, $7–$9).

While walking around San Telmo, pop into sunny Nacional for a café con leche or a sandwich (302 Estados Unidos; 4361-5539). Located on a historic plaza, Bar Plaza Dorrego is a watering hole and café with a century's worth of graffiti etched into the wood tables and bar (1098 Defensa; 4361-0141).