The Condado Vanderbilt is the anchor of the neighborhood — architecturally, historically, and in terms of sheer presence on the beachfront. The Spanish Revival façade, all white plaster and red tile, has been standing since 1919 and looks exactly like what it is: a Gilded Age resort built without any particular concern for budget. The lobbies and public spaces were restored to period standards in the 2014 renovation, making this a worthwhile building to walk through even if you're not a guest.
The oceanfront bar at the base of the hotel is a reasonable splurge — drinks are priced for hotel guests, but the setting, with the Atlantic at arm's reach and the façade rising behind you, is hard to beat in Condado. The rooftop pool is restricted to guests and spa visitors. Worth knowing: the hotel's recorded history of famous guests is substantial, from Franklin Roosevelt to various Hollywood figures of the 1940s and 50s, and the staff are generally happy to talk about it.