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The Travellers House is the best youth hostel I've ever stayed in! It is located centrally (3 minutes walk from the Plaza del Comercio), clean, nice, and with a generous and outgoing owners, for example, for New Years Eve they organized a beer-drinking contest to promote his "open bar" , a cooler full of beers that everyone could help themselves to. The decor of this place is fantastic and makes you forget the fact that you are having to share a room with 3 or 5 people in wooden bunks, and have a communal bathroom (which obviously is separated for boys and girls). I think they have a private room but I don't know what it costs or if it is hard to reserve and if it is usually always full. In the lounge, there are several nice sofas and beanbags and it is a space where you can hang out and listen to music or read one of the many travel guides at your disposal. There is also a nice kitchen that can be used, a large dining room and a lounge with computers and free internet. It is advisable to book a month or more in advance because everyone knows that this is THE hostel in Lisbon.