We went to Porto for the first time in 2019 and absolutely loved it!

Even though I'm a Bonvoy loyalist, there wasn't a good Marriott option back then so we stayed at the Maison Albar Hotels Le Monumental Palace. Very nice hotel, good location and, if you sign up for their loyalty program in advance (free), the stay includes an excellent breakfast.

I just looked up the Renaissance in Porto. To your question, it may be a iittle further outside the main attractions than you want to be. Porto is an old compact city and half the fun is just walking around, taking it all in. Most of your walking (at least for us) is from your hotel to the river. From we were stayed, this was about 15 minutes (without stopping/browsing); from the Renaissance it looks like about a 30-minute walk each way.

The distance won't matter if you do a day trip to the Duoro Valley (and other day trips) but for "in Porto" time, day or evening, my recommendation would be to stay somewhere more central.

(P.S. One night we had steak at Muu and it was excellent; another night we went to O Paparico and it was a bust (too slow, too pretentious). No idea if these restaurants still exist.)

Have a great trip.