I had a short vacation in Madrid last weekend and stayed in this hotel for two nights. As most of travelers have mentioned, the room is rather small (a bed and a toilet fills the whole room). But, if you are not a business guy, what do you prefer first in your travelling? Not the room, but the convenience of visiting those famous sites in a city, right? This hotel offers you a best tradeoff between the convenience and the price! For example, there are two metro stations nearby (in 300m distance) with three lines (line 2, 3 and 10), and you can go anywhere of Madrid by these metro lines. If you don't want to take metro, you can also reach many famous sites by your foot. In addition, many restaurants are there in the Gran Vie.
Enjoy it! I highly recommend this hotel.... although it is better if the staff can speak English~~