I can highly recommend the Grand Velas in Nuevo Vallarta but the mandatory A-I fees are $365 pppd over the holiday week so they obviously do not want to cater to exchangers there. The hotel is mostly booked solid. We will be there the first week in February and the fees are still high but we own here and it is finally paying off now.
We wouldn't go there if we had to pay these high fees because 20 minutes away, by cab, are many good restaurants and more are coming in this area too.
We love the resort and the food and service are excellent and the staff is very friendly. They are building a new resort in Cancun or somewhere there.
Out of curiosity, I checked how much it would cost us from Feb 3 to Feb 10 if we booked through the hotel and the cheapest rate is $1,100 per night for a couple. I also checked the Trip Advisor and it was about $1,000 less for the week. This includes all the meals, drinks, etc.
The resort is fabulous and on a very nice beach. Here are some pictures It is a great place to go on a honeymoon or for a special occasion and they will make it special so you will remember. I just read a bad Trip Advisor report about a honeymooner.
Most reviews are good.
Who says that Mexico is cheap? Not anymore unless you know where to go and eat, especially in Nuevo Vallarta.
PS. Here is a correction of the rates for 2007. It is $285 for the Christmas week and $365 over New Year's. I looked already for 2008 because our week is in 2008, so it is in line with what Pat posted too.
PPS. Another timeshare resort in Nuevo Vallarta is Paradise Village and the Buganvilias in Puerto Vallarta. Neither one have mandatory A-I fees. We enjoyed both.