Well, for such a cheap price for such a good location, your room is very small. A test of love?
I stayed here 5 days in late April and then came back twice again in May for one day each.
The location is excellent. You are steps away from Puerta del Sol, a fine shopping area, street theater emporium --terrific entertainment by high-level street performers-- and metro stop to everywhere. The hotel is a little down a side street, so you can avoid street noise if you get one of the right rooms. (Say you want that when you book them, really, a quiet room.) The staff is very caring, albeit not fluent in English. Hand gestures work, and the staff, in response, have excellent Latin hand-gesture responsiveness. This is a great place to stay if you don't want to spend money. A good place for breakfast is right next door where you can sit down outside and have good food. Up on the square (Puerta del Sol is really a half oval) to the right there is a booming place, lots of fun, where you stand for your coffee, point to your pastry, and hear your "waiter" bellow out your order. It's fun, and your coffee is worth standing for. This location is excellent.