Fodor's Expert Review Panorama Boutique Hotel

These very pleasant rooms, in the center of Fira, combine traditional design with contemporary touches, proving that it's possible to enjoy a caldera view without breaking the bank—and without dealing with steps. Perks include sea-facing terraces and a nice pool. An elevator whisks guest up and down the various levels, from a structure directly on the caldera walkway to cave-type houses below, though the trip to the pool, on the lowest level, involves a climb down a flight of steps. On the uppermost level is a breezy dining terrace where breakfast is served and meals, along with sunset cocktails, are available throughout the day.