Best Value Hotels in Madrid

The tiny front desk, lack of an actual lobby, and small elevators might give a poor first impression of this upscale boutique hotel, but don't be deterred. Inside, spacious rooms are elegant (pale yellow striped walls, blue and white toile bedspreads), and have flat-screen TVs, minibars, and hydro-massage showers. Additional highlights here include a wonderful (and expensive) restaurant with gorgeous views of the surrounding buildings, and a stylish rooftop lounge. While there is no parking, no fitness center, and the business center is basically a single computer, rates are fair compared to other four-pearl properties and the location on Gran Via is hard to beat.

The 110-room NH Prisma Suites is one of the more updated properties in the NH chain. While it offers the same no-frills amenities found at sister NH properties, it also features extra space. All units are big suites with a separate seating area, flat-screen TVs, and bright bathrooms. A recent renovation brought in modern touches such as contemporary furniture, stereo systems, and attractive wood floors. Hotel features include an on-site bar and restaurant, known for serving a great breakfast buffet. While there is a fee for Wi-Fi in the rooms, this property has a great location in a charming neighborhood offering easy access to tourist attractions.

The Husa Paseo Del Arte is located in Huertas, within walking distance of Madrid's famous art museums. All 260 rooms are modern and contemporary, with updated amenities including flat-screen TVs, hardwood floors, electric kettles, and stylish accents. Incredible natural light and gorgeous marble bathrooms make these fresh rooms even more appealing (and some have the added bonus of balconies). Hotel features include a bright fitness center, a small, sunny terrace, and an on-site bar. There's also a nice restaurant with a striking skylight. There is a pesky fee for Wi-Fi, except in the club level rooms, but the nightly rates are very reasonable for what you get.

The 67-room Petit Palace Posada Del Peine is located in a historic building in Madrid, dating back to 1610. Spacious rooms have flat-screen TVs, contemporary furniture, and artistic flowering branches painted right onto the walls. Additional highlights include laptops in each room, French doors that open onto little Juliette balconies, and hydro-massage showers. Family rooms equipped with bunk beds provide a good way to save for people traveling with kids or in a group. With free bike rentals, free Wi-Fi, and a location near Plaza Mayor, this hotel is a good pick for value and convenience.

The 68-room High Tech Petit Palace Arenal is located in the heart of Madrid. Major attractions such as Puerta del Sol, Plaza Mayor, and the Royal Palace are all within easy walking distance. Decent-sized, modern rooms have flat-screen TVs and minibars, plus a couple of great extras such as hydro-massage showers and free in-room PCs upon request. Family Rooms feature bunk beds and are great for those traveling in a group or with the kids. This boutique property is showing its age, and rooms on the lower floors facing the street get noise from a nearby nightclub, but this mid-range pick is great for location and value.

The NH Breton is a 56-room value hotel located in the hip Rios Rosas neighborhood. Rooms are updated and modern with hardwood floors and striking colors. Amenities include flat-screen TVs, stocked minibars, and spacious marble bathrooms. Springing for a junior suite gets guests considerably more space, a massive balcony, and an espresso machine. The hotel puts out an expansive breakfast buffet, typical of the NH chain, but there are few other amenities (no fitness center, bar, spa, or pool). This no-frills property only offers free Wi-Fi in the lobby (there's a fee to use it in the rooms), but it is located in a great neighborhood on a quiet street, and rates are among the most affordable of the hotels in this chain.