Perched at the top of a cliff (2260m), gazing down over Baños and up to the Tungurahua summit, Luna Runtún is a luxurious hotel in a fabulous location. Just laying eyes on the infinity pool (open to nonguests for $20) will relax you. There's a wonderful spa complete with local volcanic stones; a herb and vegetable garden supplies the restaurant.
Ultimately, it’s about the view, one of the most stunning offered by any central sierra hotel. Note that it has an office in town on the Parque Central (Halflants 6-30), so you can make arrangements there.