Hard to imagine a better location if you want to stay in the centre of Madrid. Tucked away in a corner of Plaza Mayor, it is still incredibly quiet, the rooms are spacious, there's an elevator to get there, and Madrid is all around. Metro is a short walk away at Sol, but we didn't have to use it much since everything we needed or wanted to get to was nearby or worth the walk.
Our only problem was the failure of the air conditioning during a heat wave, but they did their best to provide a couple of fans and made up for the discomfort with a rebate.
Altogether, a very Madrid experience.