This hotel was recommended by one of my best friends, so after a little research, we decided to book it.
We traveled to Madrid for a long weekend, and we needed to be close to everything, since it was going to be my girlfriend's first visit to Madrid.
The best about Negresco is its location... it is literally 1 minute walking from El Corte Ingles, about 4 minutes from Puerta del Sol, 8 minutes from Plaza Mayor, and about 8-10 minutes from Callao and Gran Via metro stations.
The rooms are small, but in good conditions... and the staff was real nice.
Overall, a great place to stay if you are looking for a place very well situated and with somewhat limited budget.

located in the center, clean rooms, powerful shower and clean bathrooms. good for value, quite room despite on the busy part of the city, and i felt very safe being in the hotel. hotel front doors are locked but the concierge sees you and opens up asap-it actually makes sense. safe deposits in the room and i generally enjoyed the hotel.

Small room but very quiet in the very noisy city center. Clean and everything you need is there... i LOVED the shower. Entrance is a bit crappy. Don't think you can get something of these standard for the same price in the center.

The Good:
Wi-fi WORKS in the room.. doesn't cut out, 1/2 decent signal, no time-out.. no going back to get another card for another 5 hours.. stays connected. Room a decent size with fridge, bathroom (no bath), double bed for single use was 75e/night. Room nice enough too. Location is great, off Gran Via, in-between the Royal Palace/Plazor Mayor and Parc Retiro/Prado etc

The Bad:
Bit of noise from neighbouring rooms, not that bad though. Cigarette burn in the bedding which was ironically funny for a non-smoking room, but not a problem. Safe had no lock in it but i didn't bother using it so might have been a simple case of asking reception.

I definitely recommend this hotel!