Venerable hotel in a suburban area - nearby shopping street has cheap and low-class bars and restaurants. Bus routes and metro station all withing easy reach and the Madrid multi-ticket opass is a great deal for all public transport access. Easy to get to the Prado and other museums. The room I had was small though the bed was large - this mean there was very little space for moving around but for me the bed is the most important. Shower room a bit shabby with a radical shower screen installation which made me laugh out loud - great value. Luckily there is another window.
Breakfast (an extra 8 Euros) was a good deal for the money and included all the necessaries including good coffee, yogurt, fruit, cheeses and hams, croissants and pastries.