This hotel (combination hostel for young travelers) is in a great location, about a 10 min walk from the central station (Madrid Puerta de Atocha) and about 15 min walk to the world famous Museo Nacional del Prado (the Prado Museum). The Museo Nacional Centro de Arte Reina Sofía (Sofia Museum) is literally across the street from the hotel.
The hotel is quite wonderful, modern (renovated), and nicely appointed. It lacks some typical basic tourist amenities like in-room coffee and a safe, but otherwise features everything a traveler might need. Our room was a corner suite on the 1st floor with 270 degree views of city streets down below. Regardless of the low floor, the room was remarkably quiet due to triple-glazed windows.
The cafe downstairs served breakfast for 7 euro per person, and reasonably priced eats, drinks and beer throughout the day. The location is walkable, with lots of nearby restaurants and bars.