A great place to stay to enjoy all that Lisbon has to offer, an unusually big space. You can walk down to the centre, or get the metro that is around 5 minutes away. We found some nice , reasonably priced , local restaurants nearby (rua de Arroios) for the evenings we didn’t venture into the centre.
Make sure that your group is ok to walk up 4 flights of stairs.
There is some early morning noise from deliveries to the supermarket across the road, so you might want to use earplugs if you are a light sleeper.