We stayed at the Hotel Riesco for a long weekend getaway. It was perfect! In the center of town, right next to the Puerta del Sol, conveniently close to all of the downtown sights, restaurants, bars and the metro. We booked our room for 55Euros a night, and were so happy with our choice!
The hotel is in an interesting old building and has many charming rooms, some facing the plaza with juliet balconies. Our room was upstairs in the back, so a little quieter. There were all hardwood floors throughout, and it was freshly painted and immaculately clean. The bed in the room was a small double bed, a little tight for two, but was comfortable. Some rooms had larger beds. The bathroom is also tiny, but clean and functional.
The staff was friendly and helpful. The only negative is that you have to ring to be let into the building. This makes it very safe, but we felt quite bad ringing to be let in after a night out at a club. However, we were very promptly let in by the night desk worker (but clearly we woke her up. sorry!)
The hotel offers breakfast, which you order the night before. It was good for the price. There are coffee shops and restaurants nearby that have wider selections. The hotel also offers Wi-Fi in the lobby, and had a lending library.
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