How To Get There?
The bus company CLP (Cooperativa Libertad Peninsular) has direct buses from Guayaquil to Montañita that depart from Terminal Terrestre de Guayaquil with the following schedule:
5:00 a.m .- 6:00 a.m .- 7:00 a.m. - 1:00 p.m. -3:00 p.m. - 4:30 p.m.                            
It is advisable to always be 15 minutes earlier than the bus' scheduled departure time.

Direct buses from Guayaquil to Montañita:
The ticket from Guayaquil to Montañita direct is US$5.75.
The bus trip is 3 hours maximum.  The buses are comfortable and have air conditioning and bathroom.
 
From Guayaquil to Montañita with Transfer in Santa Elena:
In case you missed the direct bus, there is always the option of getting a transfer!
At the Terminal Terrestre de Guayaquil, buy the ticket from Guayaquil to Salinas and ask the chauffeur to drop you off in Santa Elena (Santa Elena comes before Salinas), in the street known as "la Ruta del Sol".  There you may take a bus from the CITUP company (blue and white color) or of the Manglaralto company (green color). 
-Montañita is located between Manglaralto and Olon-
The cost of the ticket from Santa Elena to Montañita is US$1.50 to US$2 dollars.  The bus ride lasts less than 90 minutes.
 
Another alternative is to take the mini vans that at night charge US$3 to US$4 from Santa Elena to Montañita.  There is also the option of sharing a taxi for US$5 to US$8 per person or taking a private taxi for US$20 from Santa Elena to Montañita.

From the bus stop in Montañita to Hostal Pakaloro:
Once you arrive at the bus stop in Montañita, you should walk towards the main street (Guido Chiriboga), which is one block before the boardwalk as you're walking towards the ocean.  Turn right onto the main street until you reach the end of the street.  Hostal Pakaloro is slightly (one meter) to the right.