Will need 3 buses to get to Papagayo.
Best way is car hire. I always push buses (or my tours!!!

, unfortunately in the Philippines soon so no, but, hire a car. I always use plus car (you will now get maybe cheaper options if people read this), then drive down.
The beaches are great, not my scene, but look at the photo's. Beautiful.
www.arrecifebus.comFor info on how to get around the Island.
Good luck.