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The prices of the flight, accommodation, food, and drinks are more than reasonable! One thing I would recommend is to definitely rent a vehicle - even though the island is small, you will be able to see and experience more if you have a means of transportation.
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A few tips:
- Rent a car! and don't take shortcuts through a gravel/mud road and check and doublecheck where GPS takes you. That is especially important during or after a rainy day!
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- In Furnas, I would definitely recommend trying Cozido das Furnas in Terra Nostra Garden Hotel. The guide (link above) recommend a few other places, BUT... even though Terra Nostra Garden Hotel is only 2-3 EURO more expensive, the restaurant itself is by far better and it gives you free parking and free access to the Terra Nostra park and the thermal pool (8 EURO).
- Unless you are cooking yourself, it is highly recommended to book restaurants ahead of time. Even in slow season, the popular restaurants are filling in quick! In Ponta Delgada, I can recommend the following: A Tasca, Taberna Açor, Casa da Rosa and Armazéns Cogumbreiro (breakfast and light lunch). Try to work in a lunch Lagoa Azul when exploring Sete Cidades.
- If you see a thermal hot pool, stop, park and relax for an hour or two...
- ... and the most important tip: DON'T RUSH AND ENJOY THE ISLAND!