I've been there for a conference with collegues from all over EMEA.
Big rooms and bathroom, nice view (it was on the 7th floor), good hall for conferences.
Really good food (tried for breakfast and lunch): not very "portuguese", most international, but very good quality.
The neighborhood is not great (just big business hotels on a very busy street) but not far from the touristic neighborhoods (Baixa, Bairro Alto, Alfama), just few underground stops.

I stayed 4 nights in the Sana Malhoa for business. The room was a good size with chairs and a writing desk. Nice bathroom as well. I particularly liked the TV speaker in the bathroom that meant that you could carry on listening to the news in the morning while brushing your teeth. Like most places in Lisbon, the hotel also had lights in the public areas (corridor outside rooms) that only came on with sensors to save energy rather than being on all night. Sadly they did not go all the way on the green front and replaced towels and even bedsheets on a daily basis despite their little cards that claimed they would only do this when requested by the guest.
The breakfast was very nice.Various buffets with hot food, cakes, fresh fruit, muesli, a variety of cheeses and ham etc. A large conservatory area allowed for the first dailight in winter. All the staff were very friendly and helpful.
My two grudges would be that you have to pay a rather steep €5/hour for the internet while the hotel opposite gives you this for free. And the bed was quite hard. Many of my colleagues who stayed in the same hotel also commented on this. I like my matress to be firm but this one did not allow for any body curves at all.
All in all a very nice hotel in an area with many other hotels of similar standard. While the area itself is not attractive apart from the closeness to the very nice zoo, it offered a lot of good restaurants at very reasonably prices.

We really enjoyed staying at this hotel and found it very convenient. From the airport, we rode the Aerobus (3.50 Euros p.p.) which dropped us off within 50 m of the hotel entrance. The reception staff spoke good English and was very knowledgeable. It is a 3 minute walk to the Praca de Espanha if you exit via -3 level in the hotel elevator. It is also within walking distance to the Sete Rio bus station if you are planning to bus to other destinations within Portugal. There are restaurants in the area. It is really easy to get to the Colombo shopping mall by metro and El Corte Ingles (walking). The Gulbenkian Museum is also within walking distance. Lastly, it's really easy to get downtown by metro. Breakfast was good, a variety of hot and cold foods, and you can even have champagne if you want. I would definitely recommend this modern and clean hotel to anyone that doesn't want to stay in the downtown area as long as you don't mind taking transit.

The hotel itselves is excellent: large,clear and clean. Breakfeast is fantastic. However, for tourists, the neighborough is very very poor, far from any interesting point and lacking of shops ,cafes or restaurantes. However, this is not really a problem because you can leave the hotel by the 3rs subsolo entrance and in doing this, you are less than 5 minuts walking for the Metro station "Praça de Spain", with conections for the whole city,