One of the things I love to do in class is to use reading groups or literature circles. This is especially effective if you have groups of students at different readiness levels. I group students and assign novels or stories based on their abilities and have them translate, answer questions, and analyze what they read. It is okay that not every group is reading the same thing. The most important thing is that the reading challenges the students and is manageable at the same time (+1).
When students are assigned their groups, the first assignment is for them to read and/or translate. I usually assign two chapters at a time. After reading each section, they create a circle map summarizing what they have read.
Other activities include: cover page, one-pagers, story pyramid, paragraphs (summaries), etc. At the end of the unit, the students combine all work into a literature portfolio and turn it in. By the end of the selection, students have tremendously improved their reading comprehension in Spanish.