This upscale property offers an exclusive boutique experience in the center of Reykjavik, with Reykjavík Art Museum and Volcano House Exhibition Center nearby. Its 10 units are actually spacious suites decorated in a sleek contemporary style, with fully-equipped kitchens and luxury gadgets, like Nespresso machines and iPads. Black Pearl is one of the most expensive options in the city, however it offers few on-site amenities for its big price tag. There’s no on-site restaurant, pool, or spa, but guests have the option to book these services off-site with the concierge. Travelers may want to consider checking rates at Radisson Blu 1919 Hotel, Reykjavik which has a fitness center and restaurant.

The three-and-a-half-pearl Hotel Holt sits on a quiet street in central Reykjavik -- it’s a great location for exploring the city, as attractions like the Hallgrimskirkja Church and the Harpa Concert Hall are within a 10-minute walk. At first glance, rooms are fairly plain, but walls are hung with the hotel’s famous art collection -- the largest private holding in Iceland. Wi-Fi is free throughout the hotel, and a good breakfast is included in the room rate. Many guests take advantage of the hotel’s fantastic restaurant, and there’s a cozy bar with happy hours as well. The property is ideal for art lovers who want a simple room in central Reykjavik.