I've stayed for 4 days in a single room, with AC, private bathroom, towels, and everything.
The staff was really helpful, Wifi worked really well in my room, the metro station Gran Via is really close to the building. The continental breakfast costed 4,50E, but I did not try it ...
The room had enough space for everything, with dresser, locker and a huge bed.
If you want a place to hang out and meet people, maybe it is not the best choice. I did not see any other guest during my stay.
I only do not give 5 stars because they do not have any late check out policy, reason why I had to pay an extra day, because my flight back home only departed in the middle of the night.

This is the 3rd time I've stayed here and I would not consider choosing anywhere else in Madrid. The location is unbeatable - Madrid is very compact and this spot on Gran Via is beautiful and right in the middle of everything, being only seconds from Gran Via Metro. The rooms are light, airy, brightly decorated and maintained to a very good standard. The bathrooms are a little small and in some rooms arranged a tad bizzarely, but you have to remember it is an old and very tastefully restored building adapted to house a number of hotels. Cleanliness is taken very seriously by the cheerful maids, and everyone from the owner to the night-porter is friendly, helpful and makes you feel welcome. The hotel is not 'basic' as described in other reviews and everything you could possibly want is right on your doorstep 24/7. If you prefer warm, friendly, cosy and being made to feel like you're staying with friends to the cold, clinical hotel chains - this place is for you. I will definately be back!

This is a very basic hotel in a great location for a reasonable price. The room provides the bare minimum, but with a comfortable bed and is very clean compared to most hotels of the same price level in Spain. The hotel is family run and not advertised well, so it seems to be rarely booked by US patrons - but its friendly staff and great location should make it a good choice for anyone interested in a good deal. The area is very busy, but very central, with public transport just two blocks away. Unfortunately some seedy areas are also close by, and petty crime is rampant throughout this particular neighborhood. However, there is security in the multilevel building, which houses many other small hotels and bed and breakfasts (Felipe V is on an upper floor it shares with a few other hotels). You should select this hotel if you want a simple clean room to sleep in and not much else. If you seek any amenities, it may prove too basic for you. We were OK with it, although I might opt for a bit more in a future stay in Madrid. Its perfect for students and those on a limited budget.

I participated in the Pueblo Ingles program and spent 2 nights, 1 week apart, in 2 different rooms. The hotel is literally 2 minutes from the easy-to-use Metro, Gran Via station.

The beds were not fancy, instead of 2 pillows there was 1 body pillow, which I didn't care for. They beds weren't particularly comfortable, either.

The bathrooms could have been cleaner as there were some mysterious black hairs in the corners on the floor. The bathroom in room 26 was comically small. The door could not open all the way because of the toilet.

Location was the most important factor to me so for that this hotel gets 5 stars.