We stayed at the Gran Via 65 for 4 nights in December. The hotel is in a fantastic location 200 metres from the Paza Espane metro station (20 minutes from the airport by Metro). The rooms were very clean and had the bonus of a small kitchen cupboard. The room was not large but had everything there. The bathroom was very clean and a good size. We did not use the room service but it seemed very reasonably priced.
Lots of places are in walking distance of the hotel, the Palace Real, Plaza Mayor etc. We went on a coach trip round Madrid and to the football stadium which we really enjoyed. On the Sunday we went to the Monistary of El Escoril and the Valley for the Fallen (Stunning) in the morning and Toledo in the afternoon. All a real must do. The trip office is opposite the hotel.
There are lots of reasonably priced bars and restaurants around just have a look on the internet for details. As with any big city mind your handbag, I found mine travelling backwards round my body as we walked down the Gran Via, 2 overly innocent girls looked skywards when I turned and yanked it back.

Having stayed in a 4 star hotel the previous year in Madrid and found the room tiny, this was a refreshing change - the room was large and very clean. The addition of a small kitchenette was a great idea. The room service and mini bar prices were exceptionally cheap
The location is great - within walking distance of everything and it was great value for money
Our return flight back to the UK was cancelled and the hotel held a room for us and helped us with trying to phone the airline and via the internet to find out some more details - nothing was too much trouble
We stayed an extra night and were given a suite at no extra charge
Would definitely stay there again

I found the Gran Via 65 on the TripAdvisors website and totally agree with all that is presently published there. The location is very good, for those who want it, an internet cafe is a block away. Good basic VIP restaurant next door,for car rental Avis and Europcar are across the street.
One odd anomaly was that we wanted to book our last night there (three weeks hence) before leaving to fly back to Canada but we were told that it would cost us 35 Euros more than we were presently paying because we got an "internet rate" for our original booking. So...yes you guessed it! I had to hoof up the street to the internet cafe and book my room on a computer on the hotel's website and sure enough got a cheaper rate than the front desk was prepared to offer. Go figure that one! Not only were they getting less money from the internet supplier but they also would have had to pay a commission too!
Annoying, stupid and pointless!!

I agree with another reviewer who had a hard time figuring out the real name of this hotel. The sign on the door says one thing and the web sites say something else, plus the hotel desk is up one floor, so the street door does not look much like a hotel entrance. But it's there, at #65, and worth a visit. Comfortable rooms, and we used the kitchenette. Good service. They want to be paid upfront. Simple but adequate breakfast on the premises.
It's an excellent location. The MadridVisión tour buses stop practically out the front door, it's an easy walk to the Palace, the Puerta del Sol, and the Plaza España. We also walked as far as the Prado, a decent hike but certainly not impossible for normal, healthy people.