I had an award stay at the Caribe from Nov 14-18 with mixed results.
Here is a tip...be sure to go to the HHonors tower to check in instead of the main lobby. We checked in at the main lobby and was put on the fifth floor of the HHonors section which didn't have a very good view. The room we got was average at best....I had to kick the door each time to get in, had a bulb or two missing and the balcony door wouldn't lock. I went back down to the lobby and got moved up to the 16th floor right away which had great views. I think you want to try and get at least the 12th floor to have a good view.
The hotel was nice but there are definitely better hotels around for about the same price (if paying). I heard multiple comments from people in the older section that their rooms weren't as good as they expected but the HHonors tower seems to be fairly updated. The HHonors lounge was closed so access was given to the executive lounge. If you want to have a few drinks (nothing too exotic), be sure to go there. The drinks aren't free but are definitely a better deal.
As mentioned in other posts, be careful of the taxi drivers. They tend to set their own rates so be sure and ask.
Overall I am glad I went but doubt I would go back again.