I haven't stayed here, therefore I can't give my opinion about rooms or other in room services, but last night I was in the bar for few drinks with my friends.
We were in a get together weekend after not seeing each other for a long time and as anybody could imagine, we were cheerful and excited.
When we came in one of the bar tenders approached the other one and made an extremely bad comment about us being drunk and some other things I would prefer not to state in here. It was perfectly audible.
Firstly, it was not the case but I was really surprised specially when they did not know wether we were hotel guests or not.
I asked to speak with the manager as the two of them were making us feel very uncomfortable and all what I got from the manager was a poor apology.
Sincerely, I did notice during my weekend how the service in Madrid has gone down terribly...but I would never imagine that in a place where you pay €12 for a drink (please take into consideration Spain's salaries and level of life) you would get that type of service or attitude.
I'm sure they would not care about this review as they do not care about their potential customers.

For 200 euros a night, we had a room as big as a closet (literally). And we always felt that the hallways smelled of an after-party...if you know what I mean. The clientele were mostly slightly older people who were trying to be hip. We liked the area, very central and could walk to all the plazas, but I wouldn't strongly recommend staying here.

Stayed here with a group of friends in January. Rooms are good. Very complicated light and heat controls which kept shorting meant that we had to move room after midnight after a night out. Staff were helpful, friendly and well informed on all tourist needs.
Free wifi is a bonus.
Didn't eat at the hotel, but our friends that did really liked it. €25 breakfast is too much though. There are many nice eateries nearby.
Centrally located, you can walk everywhere from here.
Don't miss the flea market.

I would like to point out that i am a man that travels for business and entretainment very often. By pointing this fact out, I want to say that this is the only hotel so far that combines the two forms of traveling in the best possible ballance. If you are looking for pleasure you will findit and if you are looking for a quiet time to work or a place to held your meetings at, is also possible.
ps> amazing food.