We stayed here in Sept 2004. We purposely chose a hotel away from the center of Madrid for the last week of our stay (We stayed at the Tryp Cibeles on Gran Via the first couple of days). It is definitely a different experience from staying downtown.
Pluses: Nice neighborhood which we enjoyed walking through, with several small parks nearby for a relaxed afternoon. There is a subway stop a couple of blocks away so getting to tourist attractions isn't a problem.
Minuses: Our room was quite small, barely enough room to walk around the bed. Also a little pricey ($150/night) for what is included. If you are planning on seeing any of the major sites you will spend a fair amount of time on the subway going back to the city center. We also didn't find many dining options in the neighborhood which surprised us.
If you want to be away from the hustle and bustle of the main tourist areas, this is not a bad choice, although pricey.
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