This small, 27-room boutique hotel is housed in a historic structure that began life in the 16th century as a barn and was rebuilt in 1910. The building retains some of its ancient features to this day, including remains of an Arab wall under the foundation. It’s now a hip three-and-a-half-pearl property with uniquely decorated rooms situated around a long, rectangular courtyard. The hotel might put style before function, with some rooms lacking storage space and minimal privacy in the bathrooms, but it’s a great choice for travelers looking for a fun place to stay in a lively area convenient to most of Madrid’s attractions.

The 200-room mid-range Hotel Mayorazgo sits one block off Madrid’s busting Gran Via, and is within a three-minute walk of the Plaza de Espana and the metro. Many of the rooms have been renovated, and include hand-painted murals, but room quality can vary wildly, and noise between them is a problem. The hotel has an on-site bar and an excellent restaurant, Gastro Via 61, but no fitness center. Travelers may want to consider Hotel Sidorme Madrid Fuencarral 52, which has similarly priced rooms that are far more stylish, and is within a 15-minute walk of the Hotel Mayorazgo.

An affordable, mid-range chain hotel, the Travelodge Torrelaguna Madrid is located in a mostly residential area about a 15-minute drive from central Madrid. The style is contemporary and clean, if basic and typical of the brand, and rooms have coffeemakers and flat-screen TVs. The hotel offers concierge services and free Wi-Fi, and there's a bar and 24-hour front desk. Pets are welcome for a fee, and there's off-site parking. Room service has limited hours. A car is necessary for those who plan on visiting the city center.

The 74-room H10 Villa de la Reina is a solid upscale pick for business and leisure travelers alike. Its location on Gran Via allows for easy access to all major attractions, great shopping and dining, and public transport. Fully renovated in 2015, rooms are stylish and well-equipped, with flat-screen TVs, minibars, espresso machines, and free Wi-Fi. Some, however, are compact, and rear-facing units are a tad dark. An excellent breakfast is served every morning for a fee in a hip dining room, while cocktails and a short but solid food menu are available at the lobby bar, complete with an extensive book collection and lots of comfortable seating. Innside Madrid Luchana is a cheaper alternative a little removed from the hustle and bustle of Gran Via. 

The Catalonia Goya Hotel is a surprisingly stylish value option in the Salamanca neighborhood. Rooms are modern and spacious (especially for the affordable price) with flat-screen TVs, nice lighting, wood floors, and dark wood furniture. Bathrooms are much larger and more contemporary than guests might expect for this price point. Upgrading to a suite gets not only extra living space, but also an even bigger bathroom with a rainforest showerhead. This hotel also has a comfortable lobby bar and Centro restaurant -- home to a morning breakfast buffet -- provides affordable meals. With free Wi-Fi and a fashionable location, this hotel is a good, affordable pick.

The 185-room Catalonia Gran Via is a sleek, upscale hotel located right in the heart of the city center, within walking distance of major attractions. Stylish and spacious rooms have double-glazed windows, modern bathrooms with walk-in rainfall showers, free Wi-Fi, and free use of loaner smartphones with data. Some units add big terraces with hot tubs, plus there are several room types suitable for families. The restaurant and lobby lounges are popular among locals and visitors alike; they both have international menus with a focus on Mediterranean cuisine, as well as a great selection of wines and tapas. A rooftop pool and spa are highlights, but note that both are small. Travelers not interested in using the wellness facilities may want to compare rates at the elegant H10 Villa de la Reina, located across the street.

Theatric elements spill over from the theater next door into the 116-room hotel decorated with vintage stage photos throughout, in-room red velvet curtains, and a dramatic marble, spiral staircase. The upscale property has a great location in the city center of Madrid near a variety of restaurants, cinemas and shops and is within walking distance to popular destinations including Plaza de España, Plaza Mayor and the Royal Palace. The hotel's nearby sister property, the Vincci Capitol Hotel, has similar rates and is also worth considering.

The 220-room Hotel Liabeny is an upper-middle-range property with reasonable rates and comfortable rooms located in the heart of the city center, within easy walking distance of all major attractions and many bars, restaurants, and shops. Rooms are slowly being renovated, and while some feel fresh and contemporary, others are old-fashioned and a tad dark. All, however, feature flat-screen TVs, free Wi-Fi, minibars, and air-conditioning. The restaurant and cafe are popular among locals during lunchtime, and the elegant wood-paneled bar is a pleasant spot for a quiet evening drink. Overall, the central setting and affordable property make this a good value, but young travelers seeking something trendier may want to compare rates at Room Mate Oscar. 

The airy 217-room Axor Barajas is a five-minute drive to the airport and has several features geared toward business travelers — meeting rooms, a business center, and a bright laptop touchdown area — plus a few for the family, including a Nintendo Wii gaming area and bunk beds in some of the rooms. Built in 2009, the upscale hotel has an on-site restaurant and bar, a breakfast room serving meals for a fee, a spacious fitness center, and a spa. In the summer months, leisure travelers may want to consider the nearby Hotel Nuevo Boston, which has an outdoor pool.

This hotel bills itself as a four-star, but it's probably closer to three pearls. The rooms do feature modern decor and offer all the basics, plus a few extras (such quirky themes and 50-channel TVs). However, many of the rooms are on the small side and some guests found cleanliness and neatness to be lacking. The property offers a convenient location for exploring, as it is situated just south of the bustling Gran Via, within walking distance of the Plaza Mayor. For those guests who choose to relax at the hotel, the rooftop pool is a highlight, but it is only open seasonally.