Excellent location - right in the middle of all the action (or at least very close to other attractions). Close to two main metro stops so it was easy to travel around.
Note that the location we had to pick up the key is approximately 6 minutes away from the accommodation if walking with no luggage. I would recommend (if traveling with two or more people) having one person pick up the key (closest station is Sol) and the other person with luggage getting off at Gran Via station (closest station to accommodation). This helps avoid lugging the suitcase/s through the crowds and cobbled footpaths on the walk back from the key pick up location.