No, it's not a luxury hotel, no, it doesn't have a caldera view, and yes, sometimes the hot water pressure in the shower leaves something to be desired. If you're the kind of person who expects the monogrammed towels to be folded into an ornamental swan each morning then go elsewhere; and while pretty much anywhere in Oia is stunningly beautiful, the location is a bit close to the square where all the big tours get dropped off, so there are definitely more secluded/romantic spots. But none of that matters because this is a completely brilliant hotel nonetheless. It's a lovely, cosy place, a collection of traditional-looking apartments piled on top of one another around a small but deep and spotlessly blue pool, each with a little balcony/sitting area outside. The rooms themselves are clean, comfortable and air-conditioned, if somewhat basic. For breakfast I think there were a variety of options available but we never got beyond the delicious fruit, yoghurt and local honey!
What really makes the place, however, is the atmosphere. It's run by Panos (with assistance from the inimitable Stavros while we were there) who is nothing short of a legend. Before we even walked in we had drinks in our hands and a warm, jovial welcome; there was a party of sorts in the bar every night; and Panos was full of recommendations for where to go and what to do without any of the normal sense that we were just being pushed to the people paying the biggest kickbacks. Pretty much wherever we went on the island, his name raised a happy smile of recognition. I've stayed in a wide variety of hotels of varying qualities, but I've never experienced such completely genuine hospitality anywhere before. Thoroughly recommended.