Terrific location for a launch site to local sites. The palaces, castle, and gardens nearby are stunning. Aside from the beautiful ocean view, a stream and park below make it obvious why people settled here long ago.
No easy laundry or cooking, so you probably don't want to stay more than a few nights.
However, some of the best food you'll find locally is next door to a laundry! Check out Retiro Do Saloio just a few minutes to the North.
Another quick tip, if you're visiting Pena Palace and enjoy walking beautiful gardens, use the Condessa entrance rather than the main. It's a lot less crazy and there is parking just outside of it.