OK, so it may not be the Ritz but after my second stay at the Horizonte I wouldn't think of lodging anywhere else in Lisbon. Both of the rooms I've stayed in have been clean and well equipped (large comfortable bed, en-suite bathroom with powerful shower, air conditioning, satellite TV, hair dryer etc.), which makes this place a bargain for a European capital city at €40 a night for a single room (incl. breakfast) out of season.
The location of the Residencial is most certainly a bonus: a couple of minutes walk from Marques de Pombal (and therefore several bus routes to the airport) it is also literally the other side of the road from Parque metro station.
The one drawback I’ve encountered is the fact that it has a rather small breakfast room which means that, if you time it wrong, you may have to wait for a seat to get your (standard cheap Portuguese hotel) breakfast of rolls, ham, cheese and croissant + pretty good coffee. I see from the website (--------------------------) though that one can have breakfast in the room, so that may be the answer. Otherwise there are a number of good cafes in the vicinity so, if your budget’s not too tight, you could breakfast at one of them instead.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC