The location is spectacular. Right next to Parque del Retiro and 3 blocks away from Puerta de Alcala.
The place is very nice, but you can hear quite a bit of noise from the neighbors all the time And the bed is not the most comfortable. It is two twin beds so if you're a couple you won't sleep together.
Overall I felt like it was good value for what we paid. Specially since Madrid hotels are absurdly expensive.