Laguna de Apoyo
Take a taxi offered by the independent hotel, The Monkey Hut, for $1. See their website for information about pick up times and locations.You can also get a shared mini bus from Hotel Oasis in Granada same deal.
Better options for an independent traveller is by bus from Masaya, 3 buses a day, 1 is very early about 6am the other is at 10.30 am and another mid afternoon. There are more frequent busses to the crater rim and you will need to walk down the hill.You can apparently walk from Granada cemetery approx 2-3 hours.
This laguna is surrounded by mountains, as the laguna actually is within a crater of an inactive volcano. The water here is clear.
It is possible to go to the top of the mountains to a town called Caterina. From here you can view the whole laguna.
The laguna itself is very isolated, and not many people come here. This is great, because you will feel like you are in your own little paradise.
Stay in Hotels
Rent Bikes from the Posada de la Abuela hotel
There are a few real estate plots around the river.
There are many small restaurants along the edge of the river. The most delicious is at the Hotel Posada de la Abuela
The juice at the Hotel Posada de la Abuela is fantastic!
La Posada Ecologica de la Abuela - for $60 a night you will sleep in a private air-conditioned bungalow, and be in paradise. The food, atmosphere and service at this hotel are magnificent. They have bikes, kayaks and rafts that you can use free of charge. This hotel would also be a great place to host a get together, wedding, or business meeting. http://posadaecologicalaabuela.com.ni/