The Equity Point is a great hostel.
It lies directly behind the train station and below one of the most famous viewpoints of the city, the Miradouro de Sao Pedro de Alcantara. From the front rooms and their balconies you have a spectacular view over the Baixa district towards Alfama with castle and the cathedral!
The downside of this is that you have to climb a lot of stairs to get to the hostel, but that's a thing you need to do all the time in Lisbon.
The have a great reception area and a big terrace, all very relaxed and nicely decorated.
The kitchen is very good (and would even be better if all lamps were working), but in the winter there is very few space to sit and eat, because you can't use the outside area.
The rooms were great, newly renovated as it seemed and there was still some renovation going on in back of the hostel.
The bathrooms and showers were the best I've ever seen in any hostel, the staff was just great and always nice and very helpful.
A definite recommendation for everyone visiting Lisbon!
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