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The Mexican Baja Peninsula town of Cabo San Lucas offers a mix of hotels divided between budget properties for partiers and luxury resorts for pampering. On the luxury side, at places like The Resort at Pedregal, Las Ventanas al Paraiso and Esperanza an Auberge Resort, rates are $500 or more per night, even in low season. That's why we're excited to see opening rates as low as $299 at The Cape, A Thompson Hotel this summer.

Just opened last month, the 161-room property -- Mexico's first Thompson Hotel -- on Monuments Beach starts from a whopping $599 during the winter. But rooms are 50 percent off between now and Labor Day, when you can expect to pay only $299-$399 per night. Here's the breakdown:

We found rooms the last two weekends in July going for $399 per night, before falling to $365 per night from July 31 through August 3. The best prices are in the rest of August, from $299.

This rate includes accommodations in a deluxe king room that features an ocean view, private balcony with a hanging daybed, free WiFi, and posh décor (think: custom mid-century modern furniture). The hotel is throwing in a $100 food and beverage credit with each booking, as well as two passes to the VIP lounge at San Jose del Cabo International Airport, where you can enjoy complimentary snacks and drinks.

We love that guests are treated to unobstructed views of the Arch, a famed rock formation iconic to Cabo, from most vantage points at the hotel. And the open-air lobby is very grand: imagine a life-size whale sculpture carved from driftwood and an Art Deco-inspired bar.

Also at the hotel are two chic pools -- one has a swim-up bar, while the other is tucked into a rock formation -- plus Cabo’s only rooftop bar, a glass-walled bar called Look, and a spa. There are several eateries to satiate the foodies, too. James Beard Award winner Enrique Olvera is the hotel chef, and he’s pulled together a Mexican-Japanese menu at Manta. Alternatively, The Ledge serves up casual dishes like tacos in a beach-house setting, open only during the day.