Stayed here in July of this year ('04) during the EuroCup.

Personally, thought the hotel was very good/clean. Room was nice, can't remember but it was like 2 floors below the Conceirge Lounge. The Lounge was great I thought - always had some good beverages / etc. there. The hotel had a bar/lounge downstairs that was cool, and the restaurant also had a great bar / area.
The pool was just so-so. Oh, and I thought the service was great.

Overall, i would not consider it a real 'vacation' type hotel, but it is pretty good if you are looking for a hotel to stay for a few nights while you see some sights of Lisbon.