It opened after my visit, but the next time I'm on Fakarava I intend to stay at Raimiti (tel. 55.05.65; www.raimiti.com). On a motu near the atoll's southeastern corner (a 1 1/2-hour boat ride from the airport), it's the creation of Eric Lussiez and Florian Pilloud, who also own Residence Linareva on Moorea. They have two simple but charming bungalows, appropriately named "Robinson" and "Crusoe." Eric was the owner-chef of Moorea's excellent Linareva Floating Restaurant, which sank a few years ago, so the food here should be very good. See the website for rates.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.