Establo is one of the relatively more upscale hotels in the MV area with rates ranging from about $70+tax for the standard double rooms up to $160+tax for the master suite. The rates include breakfast. It is located about 1km outside the town of Santa Elena and about 5km from the entrance to the MV Cloud Forest. I have not actually stayed there either, but I hear it is nice.
One of the places that I stayed is the Belmar ($80/nt +tax for a double) which is located a little further along the road to MV. I thought it was very nice and would definitely recommend it but could not really say much how it compares to other hotels in the area. I think it would be great if others could post their experiences/reviews/recommendations for the various hotels that they have stayed at in MV so all of us could compare notes.
It seems most of the better hotels along the road to MV have nice views of the Gulf of Nicoya, although I have heard some of those closer to town may not. Be sure to ask if the view is from the room or just from the lodge, if that is important to you. Also it might effect your choice if you have a car. You'll probably take a tour to visit the park which includes transportation from your hotel. But if you want to go anywhere else on your own a car comes in handy. Buses between Sta Elena and the Park run only twice per day. Taxis are available but cost $5 each way and you might have to wait a little while for them to arrive. Most likely, unless you have a car, if you stay at one of the hotels closer to the Park you will probably just end up eating at your hotel in the evening. More stuff is available within easy walking distance of the town of Santa Elena, but you are not going to find a whole lot of nightlife in this Quaker community. Most likely you will just eat at your hotel in the evenings anyway and strike out early each day.
Another very interesting alternative is to stay one night near Monteverde and then transfer to the Mirador Lodge($40/nt +tax for a double though it may not be suitable for some chicas). It has beautiful views in the other direction of Lake Arenal and the Volcano and the next morning you can take their horseback/boat/jeep trip to Arenal Volcano (and Tabacon). Let me warn you this place is a little hard to find and is a little far from Sta Elena (however, they will shuttle you from town if you ask) and the place is how shall I say - a bit rustic. It can get cold up thar in them hills so be sure they give you plenty of firewood for heat. I didn't get to take the tour, but have stayed there and would really recommend it for those that don't need all the creature comforts and like trying something different. The food was pretty good there too.
Finally, the absolute best one stop place I have found to get info on many of the area hotels (including all those mentioned here), tours, transportation, activities, maps and anything else you can think of is at
http://www.monteverdeinfo.com/