Like the stock market, Acapulco has had its ups and downs.

Years ago, this seaside resort famous for its horseshoe-shaped bay and azure waters was Hollywood-gone-south. The guest list read like credits from a movie.Film star Merle Oberon hung out at the Las Brisas beach club. Elizabeth Taylor vacationed here. Howard Hughes took his dying breath at the Acapulco Princess Hotel.

Even politicos picked up on Acapulco's appeal. Henry and Nancy Kissinger honeymooned in a luxury villa when the resort was at its zenith.

But as every starlet (and politician) knows, time in the limelight is often limited.

In the 1980s, Cancun, where mega-hotels had sprung up like beach umbrellas, was stiff competition. Americans headed there for sun-soaked, value-filled vacations.

Acapulco looked like Paradise Lost.

As the 1990s rolled around, movers and shakers in the tourism industry realized their town needed a face lift.

The good news is that it's getting one.

Several new hotels have opened within the past several years, and others are being renovated.

Bee-boppers can choose between a number of state-of-the-art discos.

The road from the airport has been improved and landscaped. Now it's an asphalt welcome mat lined with palm trees and bougainvillea.

And rumor has it that Elizabeth Taylor, who knows what a face lift can do, wants to buy property.

The outlook for Acapulco is bullish.

Here are details:

Getting there: America West Airlines recently started direct flights between Acapulco and Phoenix, with connections to Salt Lake City. The flight from SLC to Phoenix is about 11/2 hours. The flight from there to Acapulco is three hours.

American through Dallas, Delta via Los Angeles or Continental through Houston also fly to Acapulco.

The day we checked with the airlines, the lowest available roundtrip fare for the week of Feb. 2-9 ranged from $520 on Delta to $672 on Continental. America West's lowest fare of $318 plus tax was sold out on those dates.

Transportation from the airport: A shuttle service whisks you from the airport to your hotel. Buy a ticket ($6) at the ticket window after you leave the baggage claim area.

English spoken there: Although it helps if you can speak Spanish, clerks at the major hotels speak English. Menus at major restaurants are translated into English. And most taxi drivers will get you where you're going, whether or not you speak Spanish. You may, however, run into trouble if you disagree about the fare.

On crime: Mexico's economy is in the doldrums, which means you should be on the alert for petty theft. "People steal money to feed their families," said Julie J. Anderson de Mendez in a telephone interview with the Deseret News. She is the U.S. consular agent in Acapulco.

She hears of two or three incidents a week involving Americans. "If it happens to you, just give them what they want. They won't hurt you."

She advises you to leave valuables in your hotel safe deposit box. "Take only what you need for the day. You don't need your passport. You don't need all your credit cards."

Eat the food; drink the water: Upscale hotels and restaurants have their own water purification systems. If you aren't satisfied with that, they'll provide bottled water.

If you're in doubt about whether to drink the tap water, ask how it's purified.

According to Anderson de Mendez, it's safe to eat salads at restaurants frequented by foreigners. "They're very conscientious about washing the lettuce. You can eat salads to your heart's content."

On money: Mexicans are hungry for greenbacks. Most shops accept U.S. dollars (they'll give you a better rate for cash than for credit cards) and issue change in pesos. The exchange rate, however, may not always be to your advantage.

Hotel rates: Mid-December through Easter is high season for Acapulco. Room rates drop precipitously from Easter through mid-December.

The best of both worlds is October through mid-December, when the rates are low and the weather is mild.

For example, a standard room at the Acapulco Princess during high season is $290 a night, double occupancy. From Sept. 28 through Dec. 20, it's $150.

A superior room at the Camino Real Acapulco Diamante, one of the area's new luxury hotels, is $235 double occupancy during the high season. During the off-season last year a superior room went for $155.

Las Brisas cottages with a shared swimming pool are $210 during the high season and $155 in the off season. Junior suites are $490 in the high season and $405 in the low season. Las Brisas, which is made up of individual cottages with shared or private pools, is spread out over a steep hillside overlooking Acapulco Bay. In a recent survey, readers of Conde Nast Traveler rated it one of the world's top tropical resorts.

What do you do? Acapulco lends itself to relaxation. Many vacationers simply sit by the pool or stroll along the beach. In the evening they enjoy the city's cosmopolitan restaurants.

Other suggestions:

- Water sports. Jet skis are strong competition for para-sailing, which was born here.

- Visit Fort San Diego, established in 1616 by the Spanish. It's on the hill above the cruise ship dock.

- Entertainment: Fiesta Mexicana is an evening extravaganza at the convention and visitors bureau that features a buffet dinner and performances by folk dancers and singers.

- For vicarious thrills, watch the famous cliff divers at La Quebrada.

- For non-vicarious thrills, take a jet boat ride on the Papagayo River, a 45-minute drive inland from Acapulco. A New Zealand company called Shotover Jet has just opened up in Acapulco. Its speed-boat tour of this jungle river is better and wetter than your favorite amusement park thrill ride.

- Shop at El Parazal Arts and Crafts market.

- Day trips: Fly to the mountain town of Oaxaca to visit Indian ruins and Indian markets. Or take a bus to the city of Taxco, known for its small silver factories and beautiful colonial buildings.

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ADDITIONAL INFORMATION

For information

Call the Mexico Tourism Information hotline at 1-800-44-MEXICO.

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