This place is perfect for location price and just to meet other travelers.
Just a side note:
- no elevators (2nd floor) not bad
- dryer may not be working but they have clothes hanging areas
- shower heads are not attached to the walls. If you can't shampoo and wash your body and set a shower head down this may not be the place for you.
But if you want to see the city have a place that you can walk to anywhere in Madrid and really relax afterwards then this is the place for you.