I went to Lisbon with a group of girlfriends in March and one friend and I split a room at the VIP Grand Lisboa. We picked it because it was affordable at ~$100 a night and in the end, a very good bargain for the money.
The location is residential, and there isn't a lot going on in the neighborhood but there are a few cafes and pharmacies to get basics. In order to get down to Rossio Square and the thick of the old city, you can either i) walk 10 minutes to a metro stop at Campo Pequeno, change at Marquis de Pombal and then get off at Restauradores OR 1) take a 5 euro cab ride downtown. It was pretty easy and the distance manageable.
The room itself was nice, in basic white/dark wood decor, very clean and very quiet with a large closet to help us keep our things separate. The bed was pretty comfortable- we got twin beds that were on a single frame but basically two mattresses divided by a separator. Internet ~3 euros per hour which was all we needed; think you can also get 24 no consecutive hours worth for 10-15 euros? Service pretty good- they sent up a converter for us to use and seemed to be good with providing directions, telling you where to find cabs etc.
The bathroom was just okay; not enough space to store all of our toiletries on the sink and the sink looked like a large wooden bowl, which threw me off somewhat. The rain shower was fantastic though. You can tell they cater primarily to business travelers by the ambiance and also because the breakfast was 50 euros!
All in all, a great hotel for value, comfort and cleanliness, though if you are planning a jam packed tourist itinerary, you may be better off staying closer to Avenida de Liberdade and the rest of downtown.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC