This was the second hotel we stayed at in Madrid, and it compared unfavorably against the first, Hotel Mayerling. Despite that, it was oodles cheaper for a night, and guess location can make all the difference. This hotel is to the east of town and located a good 30 minute walk from the start of the gran via. If you don't mind taking a taxi to get around, or to start your day, this is a great spot.
As for the room, it was clean, large, and had a balcony to the street. It was part of a 4 room apartment, with a common area and two bathrooms, not adjoining any room, but private enough. Very impressed with the appearance of the hotel in general, would recommend!