Stayed here for 1 night, very happy with the stay and would definitely recommend it to anyone coming to Madrid.
Check in and check out:
Incredibly quick and simple, and they securely stored my bags when I checked out.
Room was very clean, bed and pillows were comfortable, even though its right on a busy roundabout, I heard no traffic noise. Shower was decent.
One point - they don't provide any complementary water in the room, but not really too surprising at this price.
Really great - I could walk right into the center in 15-20 mins, and its right by La Latina with loads of great restaurants and bars.
Note: Taxi's to the airport will cost you about €30 and take around 30-40 minutes depending on the traffic. I had no problem getting a taxi.