All recommended hotels in Lisbon: 2 star hotel
6 cheap hotels in Lisbon reviewed by EuroCheapo (See more hotels in Lisbon by doing a CheapoSearch)
Address Rua Dr. Luis De Almeida E Albuquerque, 6 - Bairro Alto (Bairro Alto & Chiado)
The Evidencia Light Sta. Catarina Hotel is a sort of hostel-hotel hybrid, offering rooms that are equal parts stripped and hip. It's an interesting do-it-yourself budget travel experiment.
Address Rua Da Glória, 9 (Avenida da Liberdade)
The two-star Hotel Suiço Atlántico currently has a split personality: It offers 95 rooms that are either dated or boutique-y. Either way, it plunks you down near Restauradores Square and the Barrio Alto at a fair price.