Buenos Aires, Argentina
Why you should go: Argentina's economic free fall of 2002 has passed, but deals still abound. And you can't beat all the art, food, and music.
Where to sleep: Try the Art Hotel (arthotel.com.ar), which is in Barrio Norte, on the edge of the grand Recoleta neighborhood, where Eva Perón is buried. At the Five Cool Rooms hotel (fivebuenosaires.com), in the trendy Palermo Soho neighborhood, there are actually 17 rooms, and you can eat breakfast on the rooftop terrace.
Where to eat: You can get an inexpensive but high-quality steak at almost any parrilla. Try Campo Bravo, in the Las Cañitas section of Palermo, but prepare to wait. Since locals don't eat dinner until after 9 p.m., have a snack under the trees at La Biela café, in Recoleta.