Puert López lies at the Pacific Coast of Ecuador. It is a dirt-road (or mudslide depending on the rainfall) fishing village lying in a bay on a wide stretch of beach. In the evenings and morning there is usually no electricity.
Buses leave Santa Elena many times a day, passing by Montañita. From Montañita, the bus ride takes 2 hours and costs $2.50. Some of the buses don't have storage underneath, be prepared to put your pack in the front of the bus or on your lap.
Each morning, around 7-7:30 the day's fishing catch is brought in the beach. A mad rush ensues with best catches being bought and carted away quite quickly. You can see sharks, swordfish, Wahu (from the Tuna family), etc.
Soll Inn, Juan Montalval near Elroy Alfaro offers nicely decorated rooms in bamboo structures. Rooms have fan and mosquito nets. It has outdoor kitchen with common area. Hot showers depend on the electricity supply in the village. Doubles cost $10.
Hostal Itapoa, on the north end of the Malecon offers nice clean cabanas with hot water. Rooms have fans and mosquito nets. A private room with a private bathroom is $7.50 USD a person. If there is no hot water, ask the owner Maria (speaks English/Spanish/Portuguese) to turn it on. Price includes a nice breakfast (eggs, croissants, fruit juice/coffee/tea) in the cabana overlooking the ocean. For anything else a menu for breakfast is available. Tours to Las Isla de la Plata can be booked through her at no extra cost.
You can take a 4 hour bus (4$) to Guayaquil by way of Jipijapa for 4$ which runs at 7 AM, 9 AM, 1 PM, and 4PM.