Pros (+) Great location on Gran Vía. Staff was friendly but didn't speak much English (luckily I speak a bit of Spanish). The old elevator was very cool, and the water pressure in the shower was excellent. The room was small but served its purpose. Good wi-fi signal as well.
Cons (-) The bed was uncomfortable. I'm glad I brought my own towel because the ones provided didn't look like they had been washed with detergent. Gran Vía was under construction and I was twice woken up by early-morning jack-hammering, but that's not the hotel's fault.