I'm not sure what qualifications gives a hotel 4 stars, but someone needs to reevaluate it. This is not a 4-star hotel. While the room was very spacious, it was tired and worn. I didn't care about that so much as the price was very reasonable and the bed surprisingly comfortable. What I hated was that wifi is advertised as a feature and it never worked my entire stay. Since I was also doing business, it was a prerequisite when I chose a hotel. Then, one night the elevator didn't work. The staff was very nice, but all you get is a "sorry" when something doesn't work. Sorry, but that's not good enough. If you stay here, get a good map because the place is also not easy to find. If you are looking for a place to just sleep and don't care about amenities (or an occasional broken elevator), you'll be fine. If you are expecting 4-star accommodations, you won't get it here.

We stayed 3 nites during Nov 2010 , wife , one teenager and one young one. There was 2 rooms , so kids took the sofa bed. Nice and big room. Bathroom was very clean. There is a small kithchen and a fridge. Helped us to cook breakfast , so saved some money not eating outside. There is a small convenience store right outside, wehere you can buy bread, milk, eggs and basics. The front desk staff was great and helpful. There is a Indian restaurent right outside, if you like curry and stuff. The location is fantastic, quite street in the middle of the city. Multiple metro stations closeby, you can walk to Prado museum, Plaza mayor etc. Will recommend it. The taxi driver got lost first day, so you want to know atleast some landmarks before you go there and tell it to the cabbie.

This hotel was just right for our 3 night city break to Madrid. It is located in an old part of the city within 5 minutes walking distance from Madrid's central square of Puerta del Sol.
We took the new 24hr Airport Express bus from the Airport to Plaza de Cibeles (€2 each abt 40mins), it was about a 15 minute walk from there. It's best to have the location of the hotel noted on a map to bring with you as the tiny street the hotel is on is not stated on some maps.
We were happy enough with the good sized double room. The double bed was 2 singles pushed together which was fine and very comfortable. There was a two seater sofa (tho a bit lumpy) and an armchair with coffee table. The room was actually larger than some holiday studio apartments we have experienced. There is a large flat screen TV on a sideboard in the room with about 9 channels, 3 of which were in English, no Sky TV. It was a bonus to have the mini kitchen c/w fridge, sink & 2 x electric hob. There was no kettle but we managed boiling water in the pot to make our cups of tea 'n coffee. Cutlery & crockery were supplied. There is a double wardrobe but the sliding doors were a bit sticky. There is a safe in the wardrobe but it was faulty. The bathroom was spotless and well equiped with numerous individually wrapped toiletries. The two large windows with step out balconies allows for lots of natural light which is nice. Because the street is so small in width, (abt 4m) the view from our front facing room was only into the private apartments opposite.
There is no breakfast room/restaurant or bar in the hotel but plenty of options nearby including a couple of restaurants next door. You have the option to order a breakfast in the hotel the day before, we didn't avail of this so cannot comment further. Free Wi-fi was very welcome.

Definitely, needs some renovations, but not big ones.
I had a very very nice corner suite (Room 302), and I guess it is probably the best ratio location / size / price you might get in Madrid.
PLUS:
Location,
Size of Rooms
Decent price, including breakfast
Kindness of staff
Very good beds
MINUS
I would avoid the rooms on courtyard, quiet but very dark!
Noise inside the street, but when you close the window it is OK, and you are in the centre of Madrid! What would you expect!
No international channels on TV !!!
Kitchen needs renovation
Room needs partial renovation
Fungus on batroom joints
You have to change to the next hotel for the Breakfast
They have no clue about cooking scramble eggs. It is not an overcooked omelette cut in pieces! Hopefully, there was a nice spanish tortilla!