Had a night to kill in Madrid between flights and decided not to go into town. There is no hotel connected to the airport in Madrid but there are a bunch of hotels (including this one) in Barajas which is a stop away on the metro or a 10-15 minutes away by shuttle bus.
I chose Axor Barajas based on the TA reviews and I was not disappointed. I had stayed at the Novotel London Heathrow the night before and paid the same amount in £ as I paid here in € and the experience at Axor was significantly better from the quality/size of the rooms (seemed brand new) to the fact that there was a free shuttle to/from the airport etc.
I didn't eat at the hotel and instead went to the mall that is a 15 minute walk away (right out of the hotel till you get to the roundabout then right again all the way till the end of the road, you can't miss it) with a bunch of options and had a very good meal there for much less than at the hotel. I didn't have breakfast the next morning either so I can't comment at all on the food.
The only criticism I have of the hotel was that the check-in was slow (luckily I was 2nd in a long queue) since there was only one person on duty and the front desk staff were not particularly helpful or interested in their job it seemed.
Overall, a good and relatively inexpensive option if you are looking for somewhere to stay close to Madrid airport.
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