This hotel is one of the only places in the area on the lakeshore itself. The spacious dorm has air-con and the rooms share an atmospheric, screened-in communal area with lake views. The freestanding cabaña is the best room and well worth requesting when you book. Outside of Honduran holidays, you'll likely have the place to yourself.
The owners can arrange lake tours or rent a rowing (L100 per day) or motor boat (half-day L750) to do it yourself. There's even a decent restaurant (meals from L140) to boot. You'll find it located 2km after the La Guama turnoff from the main Tegucigalpa–San Pedro Sula highway. Bring bug spray.