If you are willing to commute back and forth between the hotel and the center of Madrid, then it is a good choice. I opted out for the 'no breakfast, pay in advance, no cancellations' deal.
Pros: Receptionist speaks English, clean room, quiet halls, mini fridge and a safe in the room, nice spacious room and bathroom. Individually controlled AC and big TV. The hotel is very close to the metro station. There is a supermarket across the street and small cafe next door.
Cons: Free wifi is available only in the lobby but it is extremely slow. The bed consisted of two beds placed together and I could feel them sliding away at night. Not sure if it is a standard in Spain, but there was no coffeemaker. The neighborhood is so-so, not really a good place to eat or take a stroll. I didn't feel comfortable taking metro late at night.

If you want to find something with good quality. That hotel is for you.
Clean room, polite and helpful staff, good breakfast.
We passed there 2 nights. The hotel looks like a business hotel. Normal, clean room with a queen size bed (you can move that bed to any place), TV, mini-bar.
Bathroom with bidet and bath.
For wi-fi you have to pay. For free you can find it yust in the lobby of the hotel.
The breakfast its not cheap and does not have hot meals and if you don't have some promotion price may be its better to eat in the nearest cafe. In front of the hotel also you can find a shop.
The hotel it is not close to the center but you can reach it using metro (station Puente Vallecas is a nearest one) and using a bus service ( In 8 minutes you will arrive to Atocha Railway Station) .

I booked 3 nights, no smoking room. unfortunately because of late arrival we got only a smoking room for the first night, it wass probably the worst experience i ever had in any hotel..just on the corridor of the first floor we smelled all the smoke and entered the room: shoked: cold, old smoke was in the room, everything stinking of smoke...furhtermore signs of a shoe soles on the top of the ceiling with bloody remains of mosquitoes on the wall..really lovely for a 3* NH Hotel..i think it was one of the worst rooms they have..next day the changed the room, it was than ok...but for an NH HOTEL really bad.

First off, this hotel should be rated much higher then it is. My wife and I try to stay in only higher end places and are quite picky. This place isn't bad.
It isn't the fanciest or nicest hotel we have ever stayed in, but it is clean, modern, well kept and in a pretty good location. Its about a 2 minute walk to the subway and then a 5 minute ride into the heart of the city.
The people at reception speak below average English but were able to help when required. For the rate you get this hotel for I would rate it as a solid 4.