I've chosen this hotel because the travel agent described it as "good value at a great location". Well the location is indeed good, if you don't mind that right under the hotel there is a smallish street where working girls hang on every lamp post. Didn't concern me that much but could be offensive to others.
My two main issues with this hotel are:
1. How noisy it is. They just didn't bother with any noise-isolation of any kind on the windows, and as it is the middle of the city you can hear ambulances, cars and even people singing on the street below all night long.
2. The service is exceptionally poor! The heating stopped working on 2 of the 4 nights we were there. They argued that we are wrong and it is working (!!) and when proven wrong tried to fix it but it just kept starting and stopping. Very annoying.
Same goes for the elevators. They stopped working a couple of times including the last day of our stay when we had to haul our suitcases down 4 flights of stairs manually.
There were some more small details I won't tire you with, but all in all i would expect much more from a hotel charging this much for a stay.

The rooms are very small and old. The beds are dire. Employees on night shift, they can not speak English. I stayed in a room that could not open the windows. Good location

The hotel is old and need to be renovated.
Our room was really noisy, located near the lift (that is an old lift that everytime moves makes a terrible noise of chains) and near the stairs, so that every morning we heard child shouting and people talking from the breakfast room that was located on the below floor.
We arrived at 2 in the night and before shutting down the light and going to bed the power went off with a flash of lighting: we had to call the night staff (who talked only spanish) that needed half an hour to make electricity work again.
The view was over the internal, looking at other room windows of the hotel at the same floor.
The hotel has a central position: if you stay there you don't need to move with the subway or any other public transport.

We booked this hotel for €45 a night so I can't really complain about anything. When we got to our room it smelt like stale cigarettes but it was 10pm so I couldn't be bothered to change rooms. It was the middle of a sweltering summer and we had NO AIR-CON, we had to open the windows to let come air in but we're on the busiest street in Madrid so we got no sleep, but the nightlife is good so I didn't mind.

Also, our room was directly inline with the giant fluoro screen of the Telefonica building, that thing is lit up all night. I recommend this hotel for younger people who will be taking advantage of the nightlife and don't really care about sleep OR ask for a room that doesn't face the street.

We both had the breakfast on the first morning and it was so revolting we were both running to the toilet afterwards... Do not recommend it!!

ALSO- If you're walking from the hotel to Puerta Del Sol at night beware of all the hookers!