Caution: be aware what you are booking.
This property was not worth my "hard earned" - it charged hotel prices (>£100/night in March) for a cheap and shabby double room and bathroom. We were so disappointed in its condition (dirty, bit smelly, aging decor, stained shower, cracks in the ceilings and walls) - not as portrayed in the pictures - we left and found a nearby hotel for slightly more money. The only redeeming feature was the helpful chap on reception.
If you are happy with "basic" - the location is good - central, but noisy with it. We actually found a smart hotel 5 mins away for not much more cost... even better location and of a standard you'd expect at this price.
I did request a refund but T&Cs don't allow this. I accept my booking stopped them selling the room, so lesson learned. The photos and even the reviews don't match the low quality of this accommodation, which is overpriced in my opinion. If you are looking for a double room - check nearby hotels and pay the extra if you can.
Despite the disappointment - we still had a great time in Madrid and will return. Just not to this place!