Establishment neighborhood
One Palácio da Anunciada
R. das Portas de Santo Antão 112-134, Avenida da Liberdade
The One Palácio da Anunciada is one of those gorgeously decrepit sixteenth-century palaces that’s had a contemporary vibrancy breathed back into its hallways—while maintaining the integrity of its past. The grand blush marble staircase that sweeps up from the ornate lobby feels all of 400-plus years old, but the guest rooms belong to 2019. Big beds, bigger bathrooms, and Nespresso machines fill the cool, creamy interiors. The spa area is small but mighty with stellar massages and facials on offer alongside an indoor plunge pool and a steam room. High up at the hotel’s crown is the real reason you came here. The hotel’s outdoor pool seems to hover above the city—a rare indulgence in the capital. The surrounding daybeds make the perfect vantage point from which to take in the detailed azulejo (tin-glazed, ceramic tilework) cladding and frescoes on the surrounding buildings.
O Magano
R. Tomás da Anunciação 52A, Campo de Ourique
O Magano is a refined but still resolutely local spot (we were the only tourists in the place). Our chatty, intuitive server decided to skip the standard menu explanation and instead brought platters of what she figured we would like—cold seafood salad, bowls of chickpeas saturated in grassy green olive oil, and plenty of buttery rice. She guessed right. Pro tip: Reservations are essential, but make them late—no one eats before 8 p.m. in this town.
Lapa Palace
4 Rua do Pau de Bandeira, Lapa
Located on a hilltop in the Lapa District of Lisbon, this historic 19th-century palace-turned-hotel offers stunning views of the Tagus River just a short drive from central Lisbon. The hotel was completely renovated in 2003, yet retains much of the timeless charm it had when it was originally built 170 years ago. You can opt for views of the river, or the regal garden and pool; each room or suite features equally impressive décor that varies from Art Deco to colonial to neo-classic styling.
Palacio Belmonte
14 Pátio de Dom Fradique, Alfama
Located inside a 15th-century castle in the historic Alfama District, this boutique hotel is one of Lisbon’s hidden gems. Its eleven private rooms are infused with a sense Portuguese history, decorated with blue and white 17th-century tiles and antiques throughout, with views of the city's rooftops and the Tagus River. Just a 15-minute walk from the main square, it's at once secluded, yet central—an ideal respite for those looking to escape the bustle of the city. Plus, the property itself boasts its own beautiful outdoor café and patio, as well as a private restaurant; a library, ballroom, music room, garden, and pool all round out the experience.
Santa Clara 1728
128 Campo Santa Clara, Alfama
In the center of the city right by the Fiera de Ladra, Lisbon’s flea market, Santa Clara 1728 is a beautiful 18th-century palace that has been transformed into a quiet, romantic sanctuary. Reminiscent of a chic, upscale bed and breakfast, this hotel has six spacious suites and a dining room where the owners (a family who also calls the space home) host delicious dinners open to all guests. Limestone staircases, minimalist wooden furniture, and impressive artwork all complement the beauty of the building itself. Bonus: luxurious, heated bedroom floors, along with views of the Tagus River and National Pantheon.
Pestana Palace
54 Rua Jau, Belém
Once the estate of a cocoa baron, the Pestana Palace has been converted into a hotel and brought back to its former glory, which greets you immediately in the form of an opulent stained glass entryway and the estate's surrounding tropical gardens. Guests get the royal experience here, free to lounge in the indoor and outdoor pools, or dine in the two restaurants that serve Portuguese cuisine with a French twist. While the grounds feel private a secluded, the hotel is near the center of town—it's just seven miles from the Lisbon airport, and close to all the famous monuments of the Belém District. 
Palacio Ramalhete
92 Rua das Janelas Verdes, Lapa
Situated in an exclusive residential section of Lisbon's Lapa District, staying in this small boutique hotel feels like staying in an 18th-century private home, with all of the perks of a modern hospitality. The palace’s secret passageways are fun to explore; the beautiful outdoor pool and bar is the perfect place to unwind at the end of the day, and a generous breakfast buffet is great to help you start the next. Note: If you’re staying here during a busy season, it's best to head to the pool on the earlier side to claim a spot.