The hotel is a few metres off the Grand Via, about as central Madrid as you can get. For location, I don't think it could be beaten really. Thirty Euro fixed taxi fee whisks you here in about half an hour and is worth doing for the time saved, although a Metro station is nearby.
The hotel reception is small (not a problem) but the staff seemed disinterested in everything. No smile, greeting or even an acknowledgement by looking up from the desk whenever guests came in or out. They would help with locations etc, but without friendliness. A definite case for customer service training.
The hotel was tidy, but needed some TLC. Corridor and stair carpets were worn and dirty.
I had a single room at the rear of the hotel overlooking a light well and other bedroom windows, service pipes, flues etc. The room was small (as most single rooms are) and tired, but the housekeeping staff did what thy could to keep it clean. I can see why other reviewers say the front rooms are noisy. The traffic is unrelenting madness.
Didn't take breakfast (14 euros).
The city is quite compact and most attractions can be walked from the hotel within 10-15 minutes. Red bus route 2 will take you to the Bernabeu Stadium if that's your thing. Stadium priority tickets sold on the bus (24 Euros). Impressive even as a non-football fan.