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There is a cheaper way to get from the airport to your hotel. Use public transportation.
1. Take the Metro from Barajas airport to Nuevos Ministerios (17 minutes); there is direct access from all terminals (just follow the "Metro" signs), but stations are particularly near Terminals 1 & 4.
This will cost you 4.50 € or 5 €, depending on how far is your final destination. Inmediatly before entering the station there is an information booth (where you can ask about visitor/tourist tickets for 1 to 7 days if interested) and many machines near the main entry that take cash and credit cards. Also, this line of the Metro (Linea 8 - Rosa/Pink) is one of the newest lines so there are escalators and elevators to help you.
At Nuevos Ministerios you can
Total cost of this trip is 2.50 to 3.70 euros per person, depending of option taken. This can be done it with two pieces of rolling luggage. Recommendation is to wear money belts and be reasonably alert but one doesn't have to be particularly physically fit.
2. If your final destination is around O'Donnell street, Puerta de Alcalá, Cibeles, Recoletos/Museo del Prado or Atocha you can also take, directly from the airport, the Express Bus Service (5,00€). But remember that traffic conditions in Madrid can be terrible, and as a general rule it is better to go underground, specially at peak hours. http://www.emtmadrid.es/lineaAeropuer...
3. And there is a CERCANIAS train that runs from TERMINAL 4 into the city stopping at the important main line stations of Chamartin and Atocha plus others. If wanting to take this local comfortable train to/from the other Terminal buildings you can use the free Shuttle bus that runs between all Terminals and is quite quick.
Cercanias is regional light rail. There are no transfers and five stops including the final one at Puerta de Atocha. The trip takes 27 minutes and leaves every 30 minutes from TERMINAL 4. No matter where you land there is a free shuttle train to TERMINAL 4.
For Terminal 4 to Chamartin, C1 train takes 12 minutes.
Attached is the schedule. First one, to Atocha to Aeropuerto/airport; second is Aeropuerto to Atocha. If you want to see the complete schedule just click on the one you want to see. The line you want is C-1. I am not sure of the price, but it should be under 5 euros/person. Bus is about the same, but you have traffic to contend with that can make the trip longer.
More information about travelling from the airport can be found on AENA web site for Barajas and there is a helpful PDF map