I stayed at Palacio Belmonte with family 4 years ago and we had a wonderful experience. The palace is stunningly renovated combining old and modern. Setting is wonderful with a beautiful garden and great views. From my experience, having stayed at Ritz and Pestana Palace among others, I would rank Palacio Belmonte as a luxury B&B. It is nevertheless one of the most unique places to stay in Lisbon and I would highly recommend it as an "out of the box" hotel experience.