It's beautiful there -- although I understand that it is now recommended that one NOT swim in the Bay. No doubt someone at your hotel will explain this for you. Too bad, as the body surfing there is fantastic (if you mind the undertow).
I first went to PV back in the mid-1960s, just after "Night of the Iguana" was filmed there. Prior to the brou ha ha created by the presence of Liz Taylor & Richard Burton little PV was a quiet seafront village. My dad used to go down there for deep sea fishing starting in the early '60s.
Back then there were just a couple of hotels in town. Near where the river entered the Bay -- and where the local women beat their laundry with river rocks -- was the HOTEL RIO, situated across from the malecon and overlooking Bahia de Los Muertos (later changed to the more tourist friendly name of Bahia de Banderas). The Rio is where we'd stay when my family escaped California during Christmas break. Then there was only one stop light in town, right near the old Cathedral of Our Lady of Guadalupe (the crown-topped tower there toppled during an earthquake a few years back, but the tower has since been rebuilt). Right before New Years Eve we'd buy bottle rockets from a priest in the basement of the Cathedral and whe nteh New Year came around we'd shoot the rockets from the beach along the malecon. They'd arc out over the water, some exploding in the sky, others piercing the surface and exploding with a glow beneath the waves.
At age 13 I drank my first beer in PV. With a big fat lime.
I have great memories of the place.
Enjoy. Take a walk through the cobblestone streets up into the hills. And if you have the time give yourelf the treat of a canoe trip along the river.