Laguna de Apoyo
From Granada head north on the Carratera Masaya to KM 37.5 and turn left. Follow the many signs to Laguna de Apoyo. From Managua head south on the Carratera Masaya to KM 37.5 and turn right. Follow the many signs to Laguna de Apoyo.
Take a taxi offered by one of the many taxi drivers for around $10 - $15. You can also get a shared minibus from Hostel Oasis in Granada (US$6 round trip or US$6 one way Jan 2015), they run a couple of times a day - at 10am and again in the afternoon.
Another option for the independent traveller is by bus from Masaya. There are at least three buses a day, one very early about 6am, another at 10am and another mid afternoon. Another option is to take a bus going from Granada to Managua (or vice versa) and ask to be let off at the Laguna de Apoyo entrance and from there take a mototaxi. There are more frequent buses to the crater rim and you will need to walk (a long distance) down the hill or take a taxi. You can apparently walk from Granada cemetery in approximately 2-3 hours.
A taxi from Granada or Masaya should cost about US$10-15 (be prepared to bargain) and take about 30minutes.
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, there is a mirador here 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
Either where you stay or there are a few comedors by the lake towards the Spanish School. The last one (not surprisingly) is probably the best and cheapest. Despite being in the middle of nowhere there are touts outside the first two, ignore them.
The smoothies at the Hotel Posada de la Abuela is fantastic but also a bit pricey at 5USD.
There are two other more expensive options.