I have stayed at the Hotel Residencia Lisboa five times so far. I have to admit that the appointments are a bit worn and if you are on the street side there is a lot of noise. It seems that there are people out until the wee hours of the morning.
But the price and the location can't be beat. Two short blocks to walk to Plaza Santa Ana, five blocks to the Prado. I first stayed there in 2004 and every year there are more tourist attractions. (Hence the late night noise for tourists going from club to club.) I have stayed there twice on October 12 "El dia de la Raza" It seems to be a night for staying out.
There is nearby parking under the Plaza Santa Ana. I will be back in Madrid this year and plan on making reservations at the Hostal Lisboa.
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