We went to this hotel for a Valentines weekend, the hotel was full but the service was fabulous.
The double bedroom had a large comfortable bed good size bathroom and overall the room was large and comfortable. The breakfast buffet was very good and although the hotel was full the service level was not compromised.
The hotel is well located close to the Metro at Corte Inglais and the modern art museum. We did walk into the city but I wouldn't suggest it unless you are a good distance walker, the metro is cheap and very good. We got the metro from the airport to the Corte Inglais stop and it was a short walk to the hotel..
The main thing I want to say about this hotel is the staff, everyone was very very helpful and nothing was too much trouble, if you want to stay in Lisbon then I would definitely recommend the Real Palacio.

This hotel is very good value. The staff are very friendly and helpful. Bar area is very pleasant for pre-dinner drinks and the breakfast was plentiful, with a good choice of foods. Location is fine as long as you enjoy some walking. Metro stations relatively close by - 10 minute walk. Useful little supermarket just on the next block too which was handy. Only criticism would be that the bed was very hard indeed. The hotel might want to invest in some soft mattress covers but aside from that, would certainly recommend this as a pleasant place to stay.

Great staff, helpful. Rooms very nice. A little away from downtown core (lots of swanky, high end shops very close by, if that's what you like). breakfast was very busy and a bit crowded, cut lots of variety of food.