We made the mistake of staying in Arecife because we were told that the resorts would be shut on a Sunday, other guests went Playa del Carmen and said they had a good day, I'd skip Arecife if I were you.
We really enjoyed Lisbon, it's very easy to get around and there is so much to see it's not possible to put it all here. Stay away from the tourist restaurants and head for the lift to take you up to the Barrio Alto which is much more interesting, we walked up to the park and monument and then down the main avenue with all the posh shops ( I'm not good with names) Primani?
We can recommend lunch at the Lisboa Carmo Hotel, it's in a little square just as you come off the old iron lift. Great service, great food, outdoor setting.