We stayed at hotel Praga when we visited Madrid this January, 2012. I wasn't expecting much from the hotel from the reviews I had read on various review sites. But I was pleasantly surprised the hotel was real value for money. The best part about the hotel was the connectivity to the city. We got down at the metro station Marques De Vadillo, just 200 meters away was the bus stop where we got bus no. 23, which dropped us just infront of Hotel Praga. The reception is not a fancy one, but the hotel staff were good and could speak and understand English :) We had booked a double room, which I did find a bit small, but all we wanted the rooms were to spend the night and rest of the day was spent sightseeing, so wasn't much of an issue. The bathrooms were clean, they had a small TV in the room which atleast had CNN rest all were Spanish channels. The breakfast served was also good, they had many options but no baked beans or scrambled eggs which we did get in the hotel we stayed in Barcelona :) Overall I would say value for money, if you are not looking for a fancy hotel and just want one to sleep at night and have a decent breakfast in the morning, you might want to consider staying at Praga.
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