We absolutely loved our stay here. After sharing a few jokes with the front desk about how likely it is that only Americans stay here b/c it is a Best Western, we were assured that wasn't the case. It really is a very pleasant hotel. The centrality of its location is unsurpassed-- just between Calloa and Plaza del Sol, adjacent to the shopping street Preciados and a short block to Gran Via, it just doesn't get any better. Don't miss out on the local restaurants-- the night staff did us well with fantastic recommendations. I thoroughly recommend staying here. Don't be concerned about street noise-- go ahead and take an exterior hotel b/c the balconies allow for pleasant fresh air and a nice view into the street activity. It's not a loud area. Use the metro to get back to the airport-- at only 2 euro per person, it significantly beats out the airport shuttle and/or a taxi for the price. Enjoy Madrid!

Excellent hotel , in the center of old Madrid
Quiet street with no traffic
Good rates -godd room quality

This hotel was in an excellent location. Rooms were clean and bathrooms modern with a good shower and plenty of piping hot water. We booked 3 rooms for 7 people. 2 doubles and 1 triple. The 2 double rooms were on the top floor with a terrace. Very quiet in both of these and the terrace was nice to sit out in the morning, although we didn't go to Madrid to stay in our hotel room.
Triple room faced the street so they had all the nightime entertainment!!
We booked an aerocity minibus from the airport which dropped us at the top of the street. This was no problem as our cases had wheels. The return minibus picked us up from the door.
I would stay at this hotel again due to location and cleanliness. Only downside were the uncomfortable pillows, but after consuming several glasses of a good red Rioja each night, it did not affect my sleep!
Madrid is very easy to get around on foot, it is a fabulous city. I recommend Casa Alberto located on Calle de las Huertas, just near Plaza de Santa Ana. Fantastic food and wine with a great service. Really reasonably priced too.
One area to avoid, especially at night is Calle de la Montera off the Gran Via. We stumbled upon this street late one night and it was very seedy. The police even pulled up next to us and told us to be very careful. This is the only downside to the city and should not put anyone off. Every city has seedy areas and as long as you know where they are you'll be fine. Felt very safe day and night.

We stayed for three nights and were not impressed. Located close to Discos, Friday and Saturday nights impossible to sleep. Also, there is no free shuttle to airport as we were lead to believe. It cost us 57 Euros to and from airport. Good location but not worth the price. Would not stay there again. Another hotel we stayed at was cheaper and superb quality and provided free shuttle service to hotel.