What I would do and my recommendations. Any questions, message me on +34 617 110 449 (Ruy).
El Catacaldos (Plaza de San Pedro, in the centre). I would have dinner there one night: not expensive, good food and an interesting wine list. It is on the main square, where there is the most life. To book, call Tere on +34 659 79 95 58 (or the restaurant, +34 949 830 830, from 19:30) and say you are coming from Alojamientos Louro.
El Parador (C/ Parador 12). For me, the best place for dinner: the food is good and everything is done well. It is more expensive, but it is Parador standard. You need to book: +34 949 860 960. At lunchtime, eating on the terrace is lovely, with beautiful views of Molina. And even if you don't eat there, go for a drink: an aperitif before lunch or a beer at sunset.
Bar Molina. Cheaper and good quality: set menus and sandwiches. No need to book. Say you are coming from Alojamientos Louro.
For breakfast: La Bohème (toast with ham and home-made pastries), Bar Molina if you prefer something savoury, and Panadería Gascón for something sweet.
Give it a morning or an afternoon: in two or three hours you see everything and it is a pleasant walk. From the apartment you are already in the old town: the palaces, the Romanesque bridge, the narrow streets, the Jewish and Moorish quarters and the walls.
The castle: there are guided tours (ask at the tourist office). The spectacular thing is to see it from outside, from the Parador or from the walls: it is one of the largest in Spain for the area its enclosure covers. Inside it is less interesting and the access is not easy; go in only if you really like history.
A hermitage right at the entrance to the Alto Tajo Natural Park, about 15 minutes by car. It is where the canyon begins: you go from cereal fields to a green, humid canyon that feels like another place.
Past the hermitage there are steps up to a viewpoint, about 20-25 minutes. The climb is easy and the views from the top are spectacular. You can also drive to the upper viewpoint and walk on the flat: message me and I will explain how.
To get there, search for «Hospedería Virgen de la Hoz» in Google Maps.
Combine it with Corduente, halfway there: the Qrica Taberna is there, local dishes and a pleasant garden. For example, the Virgen in the morning and lunch or an aperitif there.
It is the most important thing to do near Molina.
If you want to see the Alto Tajo from inside, it is among the most beautiful places there are, but it takes almost a full day: leave in the morning and come back after lunch. You go to the Salto de Poveda, a large waterfall, and from there there is a circular walk of just over an hour that starts and ends at a mountain hut. The hut is a mountain restaurant, in the middle of nowhere, with local food: pork loin, chorizo, black pudding, vegetables and, in autumn, mushrooms.
If you want to do it, message me and I will send you the directions.
In another direction, towards Teruel. It is the castle where Game of Thrones was filmed; it is lovely and you can do a short walk. If you go, also visit the Campillo lagoon, which is right next to it and curious. Combining the two, the trip is worth it.
Best regards,
Ruy · Alojamientos Louro