I'm going to Madrid in the spring & someone recommended the Ibis hotel located at Calle Manuela Malasana 6. This is near the Bilbao Metro station next to the Maravillas Theater.
My recollection from my days as a student in Madrid is that the Bilbao station area was pretty racous at night but not unsafe -- I am traveling with a small child so my main concern is safety. But I just don't remember the area well enough to be sure. Can anyone tell me what it's like around there?