For 5* luxury you're either looking at either the Mare Nostrum complex of hotels in south east PDLA, or Costa Adeje at the north west end, where you'll find the Jardines de Nivaria, Bahia del Duque etc.

Probably best to decide which area you'd rather be in, then take a look at the reviews section.

Bahia Del Duque defo the best on the island. Excellent, not cheap, but worth it

Just thought of another one.
The Jardin Tropical, which is pretty much half way between Mare Nostrum and Costa Adeje. Not strictly 5 star (I think it's 4 star plus) but looks really nice, particulary the sea front pool area, and seems very highly thought of. You can see it clearly on Google Earth, just below Puerto Colon.

I would like to recommend Resort Hotel In Maui. It is such a luxury hotel with full of all kinds of faculties and is less in rent. Last time, when i went for summer vacation with my family. I stayed there. And i am very much impressed with their service.

Not only is this a very old thread mikevolpe but the OP wanted to go to Tenerife in the Canary Isles and not Hawaii!

ha ha ha ha - SMa - Brilliant..