Ask for a room overlooking the river. Our rooms were on the top floor, overlooking the Rio Mondego. The views were spectacular! If you show your Rick Steves guidebook on check-in, you get a 10% discount. I will stay there again on my next trip.
I stayed at the Astoria hotel right near the train station. Its an old hotel with 80 odd rooms. The rooms are en-suite costing 119euros for a double or twin, or 140 euros for the suite which has a sofa bed and 2 twins. Rooms also have a tv and a buffet breakfast is included. Theres a make shift bar which says open late. The staff are friendly but not very good! when we were there, the BBC five live radio crew were staying there! Its a 3 star hotel right on the river with nice view across the river and the city.
Located downtown and moderately-priced, the Astoria Hotel faces the river, and has a 1920s ambience and Old World charm. It also has a good restaurant.