Looking for a reasonably priced hotel in a central location, preferably within walking distance of everything.

Debating between the Ambassador (5 star), Gran Via (3 star), and the Menfis (4 star). In your experience is there a huge difference in quality? Are these in good locations?

Or are there similar ones you might recommend? Thanks.

My mother and sister stayed in Hotel Moderno which is right in Sol on Arenal I believe. Try looking up its information! The rooms were very nice and everyone was friendly! I don't remember what they paid, but I believe it was around your desired range!

Speaking only on locations, of the three Tryp-Sol Melia hotels you've listed, the best location (in my opinion) is the Hotel Tryp Ambassador . It's located in the OPERA/Gran Vía area. The others are decent locations too but only a little further away from Puerta del Sol (which might actually be a GOOD THING these days, what with the massive construction going on there now).

Whichever you decide, will you please return here to this/your thread to give us your review? You'll be assisting future travelers and we'll all appreciate it. Thanks!

Saludos, MadridMan
(tick tock.... 28 hours more and I leave for Madrid. Woo Hoo!!)

Just came back from Madrid and based on recommendations on this site stayed at the Hotel Victoria on Calle Victoria. Great experience: the location could not have been better for a single woman visiting Madrid for the first time since 1968! Great Tapas bars on the street (including museo de jamon) made it easy to go out at night...met some great people just in the bars near my hotel..felt very safe throughout the time. Easy walking to most anywhere in museum/plaza mayor/La Latina areas. The hotel is simply furnished in a modern style, very clean and continental breakfast included. Current introductory rate of 85 euros makes it hard to beat for what you get here.