Mismaloya is a little cove with a beautiful beach, a scenic 20-30 minute drive down the coast from Puerto Vallarta. You can take a taxi for maybe $15-$20 (depending on where you're coming from), or for the unbelievable price of 7 pesos (55c as I write this), you can take a local bus. Note the beach cafés in the photo above.
HISTORY -Mismaloya is where Director John Huston filmed Night of the Iguana in 1963, starring Richard Burton, Ava Gardner, Deborah Kerr, and the hot young Sue Lyon. The movie put Puerto Vallarta -- a quiet little fishing town -- on the jet-set map. The affair between Burton and Elizabeth Taylor (who were both married to others at the time) caused a feeding frenzy among the paparazzi, because Richard & Liz shared a villa in Puerto Vallarta during the extended filming. They loved Vallarta and later bought a home in the old part of town and maintained their vacation residence there for many years. The home is now a bed & breakfast and is also open for tours. Liz Taylor sold the house in 1990. Today at Mismaloya, some of the ruins of the movie set can still be seen on the wooded hillside immediately above the cove, although they're on private property and are not accessible.
THE SETTING - Mismaloya has several hotels, condos, and a number of private homes, some very rustic habitations. The beach attracts both local residents and international visitors. Along the beach are a series of primitive cafés where you can use their chairs, tables, and loungers for as long as you're buying the occasional food or drink (but bring your own beach towel!). Some people may spend a couple hours; others an afternoon or most of the day. Directly in front of the cove are the landmark islands, Los Arcos(the arches), one of which has a cave going through it big enough to drive a boat through.
FOOD - All of the cafés serve similar fare. My personal favorite is Teo's, on the far end, just because it's not as busy. A photo of their menu is below. The food and drinks are relatively inexpensive. Some of the fish is grilled right underneath a tree on the beach (see photo), although they have a legitimate kitchen inside the small building above. Beer can be bought by the bottle or a bucket of 4-5 bottles on ice. Also margaritas and other drinks.
ACTIVITIES - Drinking, eating, catching some "rays". You will be approached by hopeful guys offering boat rides down the coast or for fishing (price negotiable), or you can rent sea kayaks there and paddle out to Los Arcos just a few hundred yards away, or along the shore. The surf is relatively tame in the cove, so you can also swim or snorkel. Bring your own mask & snorkel. I've also seen scuba divers by the islands.
TRANSPORTATION - You can take a taxi from P.V., and to return, there are always several of them patiently waiting under the shade trees. Ask the price before you get in -- but most of the drivers are very fair. Or a city bus comes along every 10 minutes to carry visitors back for 7 pesos (the bus stop is the little shelter across the highway). Look for one that says "Centro" (downtown), or ask the driver. It will let you off in Old Town, and you can figure it out from there. The bus is used by locals but also by quite a few cheap Gringos -- like me -- who know about it.
BOTTOM LINE - Mismaloya is a good place to have lunch or while away an afternoon. "Nothing to do and all day to do it." The drive down the rugged coastal road is worth the price in its own right ... you'll see jungle, elegant condo towers, and expensive villas clinging to the hillsides and cliffs. Don't forget your beach towel and sunscreen.