I stayed there in 1994. When I returned to Madrid in 1999, it was undergoing quite a facelift. Although it is on the Gran Via, I don't recall it being noisy at all. It was expensive compared to a hostal, but if you prefer a hotel, it wasn't too expensive. The rooms were a little dark for me, but quite comfortable. They also had a mini refrigerator, which was handy.
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"I swear -by my life and my love of it -that I will never live for the sake of another man, nor ask another man to live for mine."