Studios Fata Morgana, Chora, Folegandros $$$$
Concierge.com's insider take:
Folegandros's main village, Chora, sits on a cliff overlooking the Aegean and has several hotels with views almost as dramatic as those along the caldera on Santorini. Among the newest is the 14-room Fata Morgana, a few hundred feet along the cliff from the center of town. The hotel looks across a terraced hillside that falls away steeply toward the sea, and worthy of this view are the pool and its patio, possibly the best place on the island to watch the sun set. The rooms, most of which cluster around the patio, are each hung with local art and decorated by the hand of an artist, making them pleasingly different from one another. Now if they could just evolve the service, which, for Americans at any rate, is a bit too laissez-faire.
Closed October through April.