I had a short stay at the Porto Bay Hotel during the first week of the 2014 World Cup. The hotel staff were all very helpful 24/7 and the amenities were sufficient for a comfortable stay. Rooms were not plush by any means but they had all that was needed for a short stay in Rio. Breakfast was outstanding with a nice view of the Copacabana beach. The location is fantastic with a few Brazilian BBQ restaurants within walking distance. Churrascaria Palace (5mins walk) had amazing traditional Brazilian meat 10/10 and is apparently one of the best in Rio.
The roof top pool is very chilled & cool with a nice set up of indoor outdoor areas. The pool is small but you only need it to cool down. The view is amazing with views of sugar loaf, Corcovado (christ statue), and the beach. You can get a drink (which were all nice and strong) from the bar and tan or sit inside to catch some sport on the LCDs. Above the pool is nice basic Gym with shower and sauna.
I would recommend the hire of a few bikes and ride along all of the beaches in the area.More