For those willing to sleep three Metro stops from Lisbon's center, the Luxe Hotel, a busy new two-star chain hotel, presents a good deal.

The two-star Ibis Lisboa Liberdade offers 70 surprise-free rooms at generally low rates minutes from the Maquis da Pombal metro station and Avenida da Liberdade.

The Joao XXI, a three-star residence located in the heart of Estefania, offers modestly-priced rooms with private baths and a homey touch.

Situated along the eastern edge of the Parque Eduardo, the three-star Hotel Miraparque offers full-service accommodation.

Although they're not the most exciting rooms this side of the Tejo, they are very spacious and come with a kitchenette.

If you can handle a lot of stairs and bare-bones furnishings, then a bougainvillea-lined terrace and fantastic views await.

The 15-room Pensão Globo offers modest rooms on a quiet side street in northern Bairro Alto. With rates that stay pretty low and a scene-y location, it's a sensible choice for younger travelers who don't want to check in to a hostel.

The Pensão Praça da Figueira is a sure budget bet. It offers a wide variety of clean, pleasant rooms with good prices and a great location overlooking the square.

The Pensão S. João da Praça offers two floors of simple-yet-comfortable rooms, just across the street from the Sé Cathedral.

The Pensão Lafonense offers six very basic, budget rooms—all with shared toilet—on a popular pedestrian street in Baixa.

The Pensã o Ninho das Águias, perched among the treetops of Alfama, offers phenomenal views at serious budget rates.