I have stayed at this Travelodge twice in the last two years. As other reviews suggest, this is not the place if you are hoping to pop in and out of your room whilst taking in the sights, let alone the nightlife, of Madrid. Whilst there are bus and rail options they are not convenient or efficient - this place is a good 20km from the city centre, and miles away from any metro station.
The hotel itself is perfectly acceptable modern three star accommodation, at one or two star prices (I paid €45 a night). There is a small restaurant and bar beside reception, but there seemed to be no customers except for breakfast. Internet access in the lobby at €12 an hour (by credit card only) seemed a little severe.
Now that those slightly negative comments are out of the way, this place is a PERFECT base for those with a car. You can hire a car for a week from Madrid Airport for around €100 a week. From the airport it's a straighforward drive around the M40 ring road, then follow the A6 (direction A Coruna) for a few miles to Junction 24. This trip only takes 20-30 mins, although I would avoid peak traffic times. The hotel is within an hour of wonderful towns north of Madrid such as Avila, Segovia and Manzanares, and it is also easy to follow the ring roads around to Toledo and Aranjuez to the South (both within 60-90 mins drive).
To access Madrid itself I recommend following the A6 into town then follow signs to the University district in North Madrid and take the metro from there. There was plenty of parking in this area when I visited but this might not be the case during weekdays in term time.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC