It is placed perfectly in the heart of Madrid. It's cheap, can't remember how much, because I was there in 2000. It is run by a spanish family, they are friendly and everything is just the way it should be. No kerfew! You can get in and out anytime of the night! My dad visited me when I lived in Madrid and he stayed at one of the big hotels in Gran Via (just next to this one). He
got exactly the same level of hotel, just except that people weren't that friendly, and he was made pay 5 times as much as I remember!