I stayed at the Praktik Metropole for 1 night in March 2012. It's on Gran Via and next to a Metro station so basically centrally located. You can walk to places like Sol and Plaza Mayor. The price was very reasonable and the room was clean. The building houses different hotels, and reception is on the second floor.

The only problem was that the bathroom smelled like sewer. I opened the windows to let the air out and the odor was gone when I returned a few hours later. Aside from that, the hotel was a good value for the money. I would stay here again.

The location is absolutely spot on! shopping, cafes, metro, sight seeing... everything! very central. We had the Gran Via conner room. Loved it! The staff are fantastic ...so helpful and friendly.
The only thing is that in the room they didn't have luggage racks and they didn't refill our shampoo and shower gel.
All in all a great place to stay ...would definitely recommend this hotel and if I go back to Madrid I will be staying here again!

This could have been much higher rated but for the bad experience leaving. When asking for a wake up call was asked if I wanted a cab called to go to the airport. I accepted. Luggage was loaded quickly and only then did I see the cab was unmetered. Thought there was no time to unload and find another cab. Cost $40 to airport. Getting there from airport in metered cab cost $32 and on Columbus Day making us take many detours at closed roads. Also before we left cabbie went to talk to reception-odd. I suspect some kind of connection.

Hotel Praktik is centrally located ( at the end of a pedestrian street -- ask taxi to drop you near Gran Via Subway which is adjacent to entrance of hotel - that way you do not have to walk up the street with your luggage). Clean, comfortable hotel - simple and functional rooms - the location is perfect. If you want a large room - this is not the hotel for you. Wonderful front office staff - cheerful and very helpful. They have computers available in the lobby