Hostal A. Nebrija

In Spanish, a "chollo" means a steal. A. Nebrija is a chollo. Perhaps it's such a great value because its owners aren't aware of the value of their establishment. Many older generations of hotel owners in Madrid haven't yet adjusted their hotel's rates to the city's soaring standard. Or perhaps Marissa and her brother, who inherited the business from their parents, are more interested in giving their guests a quality value stay than in fleecing you of your euros.

Whatever the case, A. Nebrija is a small, six-room family establishment we regard to be the best bargain in Madrid, complete with Old Spanish charm.

Granted, there are no services or extra amenities, and everyone has to share a bathroom. All rooms are larger than the Madrid average, with ceramic sinks and medicine cabinets. Large antique wood vanities lend space for toiletry bags or doc kits. Lovely curved dark-wood dining chairs seemingly hide in the corners waiting to be discovered. Religious Baroque-like art hangs on the walls. Wood floors are original, as is the molding on the high ceiling.

Now for the best part: all rooms are exterior, with sweeping vistas of Opera and the Royal Palace. During our visit, church bells rang nearby. From inside chipping French doors leading out to large balconies, those church bells pealed particularly evocatively.

Breakfast is not included, but on the fifth floor of the same buildings is a quiet European-style café.