Few places in North America are more misunderstood by U.S. travelers - and to a certain extent by travelers worldwide - than Mexico City, a dynamic and unquestionably enormous metropolis that’s incredibly rich in history, abundant with culture, blessed with chic restaurants and gay-friendly bars, and abuzz with trendy hotels.

This city with a staggering metro-regional population of 21.6 million and a dizzying - to many newcomers at least - elevation of about 7,500 feet is expensive by Mexico standards, especially when it comes to international hotels, restaurants, and other establishments that cater to business travelers. But if you factor in the strength of the dollar against the Mexico peso, and especially if you venture a bit off the beaten path, you can enjoy a five-star vacation here for a fraction of what you’d pay for a comparable experience in many U.S. cities.

Mexico City (visitmexico.com/en/mexico-city) is relatively safe - violent crime rates here are about what they are in U.S. cities like New Orleans and Chicago. It happens, but if you take the same common-sense precautions you would in any big city, you’ll likely feel as safe here as you would in the French Quarter or Lincoln Park. Pollution is another longtime knock on Mexico City, and it’s still an issue here, but drastic measures over the past decade to ameliorate air quality have resulted in significant improvements. Most visitors who spend a few days or more here come away surprised, if even perplexed, by the lousy and unfair press Mexico City has received over the years. Whatever the city’s risks and inconveniences, they’re greatly outweighed by its bohemian sophistication, creative energy, and friendly demeanor.

For such an expansive place, it’s relative easy and very affordable to get around Mexico City. Cabs are inexpensive, although traffic - especially from late afternoon to early evening - can be frustratingly slow in central neighborhoods, and the city’s efficient, safe, and unbelievably cheap subway system, the Metro, is the second most extensive in North America, with 12 lines.

No visit here is complete without spending at least a day downtown in the Centro Historico and adjoining Alameda Park areas, where you’ll find a number of noteworthy attractions. Here at the city’s main square, Zocalo, you’re a stone’s throw from the National Palace, the cathedral, the fascinating Templo Mayor Aztec excavations, the Museum of the City of Mexico, and San Ildefonso College (now a museum and cultural center with huge murals by Rivera, Orozco, and others). The neighborhood is also home to the beloved gay club, El Marrakech Salon, an extremely fun and friendly (no cover charge) space for dancing and drinking. Also worth a look is the endearingly dive-y, to the point that it’s somewhat trendy, Cerveceria Viena.

Around nearby Alameda Park, you’ll find many of the top arts attractions in the city, among them the spectacular Palacio de Bellas Artes, with its glorious art deco interior; the Museo Mural Diego Rivera; and the Museo Nacional de Arte.

Fringing the north side of enormous and beautiful Chapultepec Park, the upscale Polanco district is a favorite area for high-end shopping and dining. In the park itself, you’ll find such iconic attractions as the Museum of Modern Art, National Museum of Anthropology, Museum of Natural History, Chapultepec Zoo, and Chapultepec Castle. There’s not much of a gay scene in this part of the city, although the Friday-night party Envy (envytheclub.com) and Saturday-night fete Guilt (at Anatole France 120) are two of the hottest GLBT events in Mexico City and are well worth checking out if you like dancing into the wee hours.

On the east side of Chapultepec Park, you’ll find the artsy and increasingly trendy Condesa and Roma neighborhoods, which have a sizable GLBT population and enough cool and inviting bars, cafes, and restaurants to keep you busy for weeks. Condesa is well past being "edgy" at this point - it’s a certifiably gentrified, hipster-approved neighborhood with leafy parks, quite a few galleries, and an artsy, relaxed pace compared to parts of the city more dominated by skyscrapers and traffic-choked boulevards. There’s a fun gay hangout, too, Tom’s Leather Bar (which actually draws a very mixed crowd). Think of Palermo Viejo in Buenos Aires, Greenwich Village in New York City, or Kreuzberg in Berlin - Condesa and Roma have somewhat similar vibes.

A short walk north, Zona Rosa contains the lion’s share of Mexico City’s gay bars and businesses, many of them along Calle Amberes and the blocks just off of it, from about Paseo de la Reforma south for a few blocks to Avenida Chapultepec. It’s reasonably safe to walk around here, but do keep your wits about you and avoid wearing flashy jewelry or attire. Top picks for partying include the drag cabaret El Butter, the adjoining bars Pussy (for women) and Gayta (for guys), the come-as-you-are Nicho Bears & Bar, the stand-and-model Papi Fun, and the large and quite scene-y nightclub Lipstick - but there are many other fun options. Also check out the Thursday-night party Ken, at Chapultepec 420, on the border between Zona Rosa and Roma.

Two charming and fascinating neighborhoods that are a bit off the beaten path but right beside each other are San Angel and Coyoacan - you can reach the latter by Metro, or figure on about a $10 to $15 (20- to 30-minute) cab ride from Polanco or downtown. San Angel is anchored by charming Plaza de San Jacinto, with its famed Saturday art market and many fashionable restaurants; it’s a short cab ride from here to visit the former home and studio of Diego Rivera, now a museum.

In Coyoacan, take a tour of La Casa Azul, the rambling and beautifully restored in which bisexual artist Frida Kahlo resided - it’s now a fantastic museum. It’s a short walk from here to visit the eerily well-preserved Leon Trotsky House, where the larger-than-life Russian revolutionary lived in exile, until he was assassinated - in this very house - in 1940. Walk a few blocks south of Museo Frido Kahlo into the colonial center of Coyoacan, stopping by the Mercado (a bustling market where you can nosh on delicious and inexpensive tostadas topped with ceviche, octopus, and shrimp), and continuing to the town square, which is rife with charming bars, shops, and cafes.

Polanco is the city’s top address for high-end hotels, especially along Campos Eliseos, where you’re steps from the greenery of Chapultepec Park and the dozens of swanky restaurants and designer shops in the neighborhood. Here you’ll find the celeb-frequented W Mexico City (starwoodhotels.com), a striking 26-story tower with several trendy bars, a mod steak-and-seafood house called Solea, and an alluring spa and fitness center. Playfully contemporary rooms have huge walk-in showers with jet showers, and - provocatively - hammocks..

A few doors away, the gay-friendly brand Hyatt has entered the Mexico City market, opening the Hyatt Regency (mexicocity.regency.hyatt.com) in spring 2012 (it had been a Nikko hotel prior to this). Popular with business travelers, the 756-room hotel rises some 45 stories above Polanco, and the views of the city - in all directions - are spectacular. Marble baths with soft robes and well-designed work desks create a sense of urban sanctuary in the rooms, and amenities include a huge and well-equipped fitness center with a pool and tennis courts, plus several restaurants and bars. The service at the Hyatt is top-notch. Another Polanco favorite with discerning, design-minded travelers is Habita Hotel (hotelhabita.com), a stylishly minimalist, 36-room boutique hotel with a distinctive frosted-glass exterior.

In Condesa, few addresses in town offer better access to hip shopping and dining and a more contemporary, clubby vibe than Habita’s sister, the four-story Hotel Condesa DF (www.condesadf.com), an uber-mod lodging set in a 1920s Beaux Art building that’s been given a highly imaginative and sophisticated makeover. Some rooms face the street, others a leafy courtyard. Standard rooms are a bit on the cozy side, but the sleek furniture, plush linens, and smartly designed bathrooms provide plenty of comfort. Scenesters flock here to dine on Japanese-Mexico cuisine in El Patio restaurant, and sip colorful cocktails and nibble on sushi on the fabulous rooftop bar, which offers lovely views over the neighborhood’s verdant canopy.

Arty, gay-owned, and affordable, Condesa Haus (condesahaus.com) is a five-room inn that’s in the heart of this lively neighborhood. Catering to a mixed gay-straight crowd, the dapper inn is decorated with a mix of traditional and contemporary furnishings and prints, and all rooms have flat-screen TVs, Wi-Fi, and high-end bath products. Another good value in Condesa is the quirky and historic Hotel La Casona (hotellacasona.com.mx), a rambling 1923 architectural landmark with 30 rooms done up in colorful antiques as well as modern amenities like flat-screen TVs and safe-deposit boxes.

For close proximity to Zona Rosa gay nightlife, the shiny and glamorous St. Regis Mexico City (starwoodhotels.com) is a great choice, just a few blocks west of the gay bars along Calle Amberes, in a striking skyscraper designed by Cesar Pelli. The 189 warmly furnished rooms and suites are posh and spacious, starting at 538 square feet. Even closer are the Sheraton Maria Isabel Hotel and Towers (starwoodhotels.com), a solid upscale favorite of business travelers with some terrific weekend deals; and the Room Mate Valentina (valentina.room-matehotels.com), a Mexico City outpost of the trendy and gay-popular Spanish brand with cool, compact rooms; reasonable rates; and a hip design. It’s right on Calle Amberes, steps from gay clubs, and a substantial breakfast is included in the rates.