Hotel Biaquirú Bagará (tel. 299-6224, US$10 s, US$15 d for a room with fan and shared bath; US$20 s, US$30d with a/c and private bath), near the end of town heading away from the airstrip, is by far the best place to stay in La Palma . The place is a local institution and has been the home base of many expeditions. It offers 13 tidy little rooms, some of which are surprisingly cheerful. A few have balconies.
The two best rooms have air-conditioning and private bathrooms. Amenities include satellite TV, a pay phone, and free drinking water. It’s by no means a fancy place, but after spending time in the jungle, it’ll feel like the Ritz. There’s a lovely view of the river from the balcony. Meals can be arranged at the hotel with notice. Price depends on what you want.
A couple of other somewhat grim places in town will do in a pinch.
All the “restaurants” in La Palma are fondas, little holes-in-the-wall that serve whatever they happen to have on hand that day for a buck or two. Sometimes this includes peccary (usually called puerco de monte, mountain pig). Hunting and eating peccaries and other wild animals is illegal and punishable by jail time. Do not order it.