I was looking for a reasonable pensione in a decent part of Lisbon for 3 nights, and did a fair amount of research, and often the same name kept coming up - Pensao Londres. I paid 25 Euros/night for a single room with a small balcony, but a shared bathroom. However, the room had its own sink and bidet, and I never had to wait for the shared bathroom (large, but a bit old and tired). The room had limited cable TV and free wireless internet (there's also a laptop that guest can use free just by the breakfast room). The room rate included a modest breakfast (cereal, coffee, juice, a croissant, a bread roll and some cheese and cold cuts) that never changed. The staff are very friendly, and there is someone at reception 24/7.
Aside from these pleasant benefits, the Pensao Londres is also located in the up-and-coming Bairro Alto area. Literally right across the street, hidden in a laneway, is a hip bar called Lost In, which has a great view of the city. Just a few doors down from the hotel is another hip bar called Bar Chine. Despite the proximity to some nightlife, it is a reasonably quiet area.
Downsides? Well, try NOT to get a room on the second floor, as this is where the reception desk and breakfast room are. As reception is "open" all night, there is a buzzer letting recption know that someone requires entry late at night. Light sleepers may have difficulty sleeping.
The location is quite convenient, but requires going uphill which is tough with luggage. I benefitted from advice given by another reviewer on Trip Advisor regarding the use of the AeroBus (great value) and the funicular vehicle (Elevador da Gloria) using the same ticket.
All in all, the hotel presents great value, but it is a very basic form of accomodation.
Ask for a high floor, and try avoid the second floor
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This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC