The room we had looked and smelled old. The bathroom showed signs of age, and there was mold on some shower tiles. The hairdryer was barely working, I would recommend to bring your own and have 1 hour ahead of you to dry your hair.
As for the student parties, just a heads-up, watch out for the university a street away, and their celebration schedule. On our first night in Portugal (i.e. tired and jet lagged), we were greeted with a very loud outdoor party happening almost under our street facing windows, with mics and amps . The music continued until 2 a.m., and earplugs didn't help. Of course, it's not the hotel's fault, but be warned of the proximity to the university.