Thanks to everyone who replied with such generosity.
I'm leaning toward Ecuador, but will likely visit Central America on my next visit south. In a way, SoloHobo was right: it's hard to compare apples and oranges and I apologize if my question seemed somewhat unfocussed.
Arturo, I'd be very interested in your impressions of your upcoming trip. PM me whenever you wish.
All the best!
Those who seem "in the know" on the matter recommend against learning Spanish in Nicaragua, because of the dialect spoken there. That said, as a vacation spot I have enjoyed my trips to Nicaragua immensely.
Hola
In Matagalpa, 2,5 hours by expreso from Managua, is a spanish school as well. Non touristy, beautifull located town, inexpensive, nice climate at an altitude of 800 m.
Hans
Hi We just got home from Nicaragua where we travelled to Granada, San Juan del Sur, Laguna Apoyo, Leon and Ometepe Island. I would highly recommend Ometepe with the village of Balgue in particular. A great place to stay locally is at the hospedaje Asi Es Mi Tierra. It is very inexpensive - in fact the best bargain in 42 years of travel! (including Asia)
Elsie