My wife and I visited Puerto de la Cruz in January, 2012. Originally booked a studio in the Bambi apartments with a low cost winter holiday in mind, we were offered a 3 Euro per day upgrade to the Astoria which we took, and enjoyed a one bedroom apartment instead.
I would say it was worth the 3 Euros as the apartment was roomy, large bedroom, living room/kitchenette, though the absence of a toaster was a pain. We also had to boil our water in a microwave which slowed things down a bit. The French balcony overlooked the shopping street below which was significantly better than the room we were offered in the Bambi, though the view was still very limited.
Overall the hotel was very quiet, gloomy really, with a nice looking bar that was permanently closed. Hotel staff friendly enough and very willing if not always able. Location in Puerto was very central but not noisy.
Initially I thought Puerto de la Cruz was a really attractive town with plenty of shops and bars etc. The Lido is really atractive, right on the seafront, and at 5 Euros per day seemed okay though we didn't actually go in. I have to say my initial impression weakened as the days went by, as there was precious little in the town to get your attention. We like to do a lot of walking, but the promenade walk was pretty short, and it was impossible to walk into the countryside without getting the bus or driving.
In terms of walking in Puerto de la Cruz, you can get a bus up to the Oratava valley very cheaply and there is some nice walking up there. However after the first couple of times, the bus ride becomes tiring (about 1hr some mornings) and the walking gets a bit samey as well. It is possible to get a bus up to Teidi but we couldn't face it.
We used a walking group ran by a French couple called Pas a Pas - they have a website. I would recommend giving them a go if you prefer the services of a guide. Nadine took us on a beautiful walk in northern Tenerife which finished with a nice tapas lunch in a pretty location. Overall it was a nice walk, but it was spoiled to some extent by the bus journeys - I think we spent more time on the bus than we did walking.
My impression of doing a walking holiday from Tenerife is that there is quite a variety of good walks but you really need a hire car. Using their brilliant bus service is possible but its really very tiring and I wouldn't recommend it. Mind you, if you want some walking in the Winter sun, where else can you go?
