The Pestana Palacio do Freixo, which belongs to the Leading Hotels of the World, is located directly on the River Douro. It is housed in both a baroque palace from the 18th century and a lovingly restored mill, and can rightly be described as a classic luxury hotel with all the fuss. It's a bit outside of downtown Porto, but walking into the center is possible and it's also a constant walk along the river. If you don't want to make the journey in the evening: the hotel restaurant is really good. With prices starting even in April at around 300 Euros, the rooms with a river view are not exactly a bargain. We had booked a smaller category but got an upgrade thanks to our membership with LHW. Liked it!