Hostal Residencia Helena

For travelers with wide eyes and a slim budget, this hostal is a good choice for its high-rise perch. Its bird's eye view of Gran Vía and Plaza Callao, the famous Schweppes sign and theater billboards, is worth more than a golden egg.

Snagging a balcony at the Helena is key. If you find yourself unable to grab one, move down your calling list.

There's no air-conditioning, through rooms do have fans. Mini-refrigerators are good for stashing cool drinks or sandwich-making staples, thereby allowing guests to save money by staying away from the pricey cafeterias on Gran Via. The kitchen isn't exactly communal, but we'd bet that it'd be ok to use its counter space and cutlery. It's pretty relaxed at Hostal Helena, especially on the large welcoming terraza, which is full of patio furniture.

In the 11 rooms, there are sliding-mirror bathroom doors, clean modern toilets, and original wood floors. Room No. 1 is our favorite for its old World Spanish charm and balcony vistas. Though furniture looks rundown, details like doilies and pink walls brighten things up.

(Did we mention that this hostal offers some great views?)