We stayed overnight and we thought it was a bargain, because the location is excellent, the room was clean and that been renovated recently, the staff were attentive and friendly, and indeed it was great value for money. We recommended it to all our friends.
The only problem is that the hotel doesn't have a car park, an the cost of a parking your car at a near-by car park for 16 hours is very close to the price of the room for the night.

The name of the hotel is now Espahotel Gran Via. The location is excellent. Cleaning services have been excellent. They have washed up all dishes every day and the Internet has worked. We did make our own breakfast daily after the first morning. The restaurant was empty and the breakfast not very delischous. The buffet breakfast costed eight Eur. Also the internet costs eight Eur pro day. There are lots of steps when coming into the hotel, which is not very nice. But the location was so good that you hardly can imagine better. There are many really good restaurants near by, the sight seeing buses drive along Grn Via and to shopping areas only a short walking.

We recently spent 4 nights at this hotel. Everything is OK: cleanliness, bedding, reception, location, price. This hotel is on the main boulevard, close to a lot of sites to visit, 2 minutes from metro station. If we are back to Madrid, we would be staying again at this place.
Some small negatives points: AC is noisy, Wi-Fi is not free (3 Euro an hour!), and there is only one long pillow across the bed.

The location is great,could not be more central.The room is big and clean,stuff very helpful(even more then in the other hotels). If you need any help,or just need tickets for flamenco show,you can ask at the reception,and you'll get all you need.
I really loved the place,and I'll be back !