The best replacement for nicaragua is costa rica.

The best alternatives to nicaragua are rated as following:
★★★★★  costa rica
★★★★  panama
★★★  guatemala
★★★  honduras
★★★  colombia
★★  belize
★★  ecuador
★  dominican republic
★  panama canal
★  el salvador
★  us icj
  el salvador surfing
  guadalupe
  canal de panama
  belice

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Speaking about nicaragua, one probably shouldn't forget about montenegro.

Other search terms related to nicaragua and their ratings are:
★★★★★ montenegro
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Google Trends

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nicaragua
costa rica
panama