I spent 2 nights with my partner in the hotel Felipe II in January 2011. The reception is bright and large, with a bar at the entry; the restaurant for breakfast and a meeting room are at the back. The service was friendly. My room was very small, the bed was small, bathroom ok, but all clean and quiet.
The location is perfect, 3 blocks from San Martin square and walking distance to the main sightseeing, restaurants and night entertainment (tango on plazas).
AC must be activated from reception.
I like: The location in the center. The place clean and quiet. Our bus was leaving at 10pm and we could leave the luggage in safe deposit during the day. When we came back, they proposed a room to take a shower and change cloths before going to the bus station, for free.
I dislike: the breakfast is spartan, no fruits or natural juice, but for the price (45 euros) it is fine.
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