I had in mind to write my own review but I realized that Sheryl described every aspect of the hostel so well that I can only recommend hostal Bianco II to everyone who planned to go to Madrid and is searching for a clean, modern, cheap(we payed 55 per night for a triple!!), spacious, central accomodation.. I only add that maybe if you arrive after dusk(like I did), calle de Echegaray could seem a little bit spooky.. just entering the hostel(one of the best I've been sleeping in) and going 'till the end of the street(it's incredibly full of bars, pubs, discopub and not far from Plaza de santa Ana, a really nice and lively square, crowded every night) will probably change your mind!!!
Thanx, Ciao