We were staying in an eco-hotel near Masaya (which we rated 5 star) but fancied a night of luxury so booked into la Perla. We booked 2 pool rooms, and got one. Our friend, who was given an inside room with no window was (thank heavens) re-housed in a suite at no extra cost and it was great (so do complain if you get a rough deal). Our room was fine, and just as said it said on the tin - by the pool. It was a bit faded, with a curtain falling off the end of the runner, and signs of damp on a picture over the bed, but otherwise fine There was only one towelling dressing gown, and our request for a 2nd got nowhere.
We were pleased that there would be a wedding reception in the evening, but a bit nervous about the sound system, when we saw the large speakers. Being somewhere luxurious isn't quite so luxurious when the music prevents talking, reading or sleeping.
We sat out at the front of the hotel until the end (as faintly less noisy than our room) where we were hassled by a drunk (not a guest of the wedding or the hotel) without any intervention from staff, despite there being front of house staff of the north American security type.
On the other hand, the best marriages only happen once and we were the visitors, not the sweet couple being married. Although the music did indeed finish at midnight, we were certainly not told in advance, despite the manager's response to en earlier complaint about noise. No sign of the manager or son (though on the plus side, it looked as if the casino was closed). When we checked out, I did (again) suggest that it would have been kinder to tell guests making a booking about the wedding and the very sweet receptionist agreed (but didn't offer to make any amends and nor did I want to insist as this was a management problem and not hers to solve).
We did meet (mainly) north Americans who loved it, so it is just right for some. If we were to go again, it would probably be el Convento, where we had a couple of great meals (and it was quiet)

La Perla is only two blocks from 'al centro' and a short walk from the Basilica, churches, restaurants, etc. The rooms were good, food in their restaurant was great. Staff was friendly and accommodating.

La Perla is a magnificent former Spanish colonial home turned into a hotel. Majestic gates with interior patio, lion fountains, pool and peace/quiet will rest your soul in this gem. Warm staff welcome you to lovely appointed rooms close to the Central Park and many churches, museums, and hot spots. If you don't sleep here, at least come for the continental breakfast ($2 US).

We stayed at La Perla on New Year's Eve and had great stay. They met us at the airport with a sign with our name - which was a welcome sight after a long flight, customs, and the hoards of people right out outside the airport (travelers, beggars, etc.). The ride to the hotel was an adventure in itself, but that was due to the road conditions, pedestrians, stray cows, window washers, kids playing in the street, etc. and not the driver. Welcome to Nicaragua! You've got to love it!

When we arrived at the hotel, it was truly an oasis. You walk through the gates into the small courtyard an immediately feel removed from the hustle and bustle just outside. You can almost feel the relaxation seep into your body as you walk to the reception desk. The walls are thick and the interior room blocked any street noise. The room is small and simple, but with soaring ceilings. The room has a fan, air conditioning, safe (although damned if I could figure out how to make it work), a small TV, refrigerator with water and sodas, and bathroom with a shower stall. It was not luxurious by any stretch, but clean and nice enough considering the area. The bar is quaint, service is friendly, albeit slow, and the quesadillas they serve are delicious and spicy hot. The club sandwich is just "ok" - like a bad night at Denny's and the fries are most definitely frozen. The restaurant also serves a great breakfast and coffee. The staff was friendly and helpful. I would definitely return to this hotel!