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Rocky Point (Puerto Penasco): Mayan Palace
Read more about The Mayan Palace Resort in Puerto Penasco
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Where: The Mayan Palace is out by the Estero La Pinta - about 25 miles to the south/east of downtown - take Blvd. Fremont to the highway to Carborca and follow the signs. Or, upon entering Penasco from the north on Highway 8, you can veer off of just before you get into the thick of Penasco and get there that way. There are also signs clearly marking the route to the Mayan Palace all over town.
Is it finished yet? (as of late '06) Not completely, no - the road from the higway to the Mayan Palace still isn't paved and there is a lot of visible construction still going on, but they are booking rooms and entertaining guests in the finished and quieter parts of the hotel and people are golfing.
Rates: Anecdotally, I've heard people being quoted nightly rates in the $300 - $350 range. Again, this is anecdotally, and I have no relation with the hotel or its owners, so you probably want to call and find out for yourself.
Mayan Palace: The Tucson Citizen's 'Creating a new Cancún: Puerto Peñasco takes off' has some cursory information and a photo or two.
Online: The Mayan Palace's website: http://www.mayanpalace.com, specifically http://mayanpalace.com/penasco/.