Great location if you want to be in the hustle and bustle. Can be a little loud at night, but not a huge issue. Just close the shutters and windows and it’s fairly minor.
Note check in has to be in person. Was a little tricky to co ordinate times as we were flying into Madrid and didn’t have any wifi/data. Had to go to the restaurant next door and ask for their wifi in order to communicate to host to come check us in (took 30min).