The noise is horrible outside in the evening and until around 4AM. Make sure you reserve a room that does not face the street if you are not a party animal yourself. There was singing and loughter right below our window and sleeping was only possible with closed windows, but then it gets too hot. There is no air conditioning in the rooms but there is a ventillator, which is noisy itself and is not enough to generate fresh air. If you are travelling with small children or wish to relax this place is not really for you.
This is a great place to stay, especially for young people who want to take advantage of the location. It is very close (walking distance) to the party zone, cafes, pubs, restaurants and the Baixa-Chiado metro station is 5 minutes walk, so it's easy to get anywhere. The staff is friendly, the wifi works in the rooms, the rooms are clean, the water is hot in the bath. It is very small, cozy, and just right for spending the night in the middle of the town.