Does anyone have any suggestions regarding staying in the Monteverde area? Or do you suggest just day trips to the area and staying elsewhere?

Day trips to Monteverde are completely non-doable. Plenty of lovely places to stay there--we really liked Arco Iris.

We really liked Fonda Vela. We stayed in one of the new junior suites, and it was nice - also nice grounds that you can hike and a good restaurant on site.

I suggest staying at least two nights in MV since it takes so long to get up there. We stayed in a cabin at Arco Iris, really liked it.

We hiked both MV and Santa Elena reserves, night hike at Children's Eternal Forest, coffee plantation tour, hummingbird watching at the Hummingbird Gallery.

We loved Stella's Bakery and shopping at CASEM, a women's co-op.

You definitely don't want to day trip like everyone else said. I'd stay two or three nights. We loved the night hike at Hidden Valley - we saw a porcupine, fox, sloth, coati, agouti, etc. Really neat. Saw quetzals in the Reserve - really beautiful.