Internationally speaking, the beach city of Recife isn’t nearly as well known as Rio de Janeiro, but within South America it’s known as a major tropical destination for sun and sand. Its location at the mouth of two rivers and all of the related canals has given it the nickname of the Venice of South America, for better or worse.
Hotel and hostel prices in Recife are very reasonable by international standards, especially if you visit during the wet season (March through July), but of course the hotels very near the beach will be expensive, especially on weekends.
Similarly, food and drink prices in Recife are typically lower than what an average visitor will come across in Rio de Janeiro, yet they can range wildly depending on neighborhood and if you require an English-language menu out front.