My wife and I recently stayed at Hotel Europa for two nights. The hotel is located in the middle of bustling Puerta Del Sol, close to everything and decently priced. We stayed in one of the newer, modern rooms with hardwood floors, fan, TV, safe, and plenty of storage for clothes. The fan provided a decent amount of air but ample enough for when you need to cool off quickly.
The room had a safe in the closet but we couldn't get it to work properly. There was also a panel on the wall that controlled the AC but it wasn't operational. The bathroom was gorgeous and large (as mentioned by others). However, the door to the shower was missing its seal so water leaked all over most of the floor. No big deal, just minor issues.
If you're a light sleeper, I'd suggest keeping the windows closed as it can be quite noisy from foot traffic, construction, and diners in the area. Otherwise, get up a little earlier (around 7-8am) before most people are awake. Besides some of the minor issues, Hotel Europa is still a great value for your money and in an excellent location.
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Chuck S.