Providing 46 rooms along the central Calle Principe, the Villar is noteworthy for its rock-bottom prices and nifty wrought-iron elevator.

The Hostal Persal is an 80-room Madrid classic, where an appealing minimalist aesthetic sets the tone.

"We want to be like a friend in the city who has the best apartment in the best part of town, and who can tell you where to go out at night."

If you're not opposed to shelling out a few extra euros, then check into the three-star Hotel Regente. It's worth it!

In our opinion, the four-star Hotel Meninas is the most tasteful non-chain establishment in Madrid—UN representatives and Gay Pride visitors agree.

The Hotel Casón del Tormes is a lovely three-star hotel, offering 63 spacious and attractive rooms.

Sleek and chic Ateneo provides 38 impressive three-star rooms just north of Puerta del Sol.

For travelers with wide eyes and a slim budget, Hostal Residencia Helena is a good choice for its high-rise perch.

Walking into the lobby of Hostal La Plata, a quiet family-run pension on the Gran Vía, you are immersed in the wonderful world of Cervantes.

In a building stacked with hostals in the Huertas district, the stealthily-attractive Adriano sits just waiting to be discovered for its unbeatable style and rates.

There are dozens of family photos from across the decades lining the lobby's halls and walls. It will certainly make you feel right at home!

Owners Gabriel, Marcelo, and Ramon have put a lot of time, hard work, and fresh paint into their endeavor.

Hostal Alaska is widely recommended. In addition to being one of the best bargains in town, it's also an inarguably good place for history buffs.

The Hotel Moderno wowed us with head-to-toe comforts and chic decor. This muy moderno venue overlooks the Puerta del Sol, winning mucho points for its central location.

The three-star Hotel Ingles is a classic choice that has managed to keep its rates low, while new matresses and fresh paint keep aging rooms pleasant.

The Nuria's location, on the bustling Calle de Funecarral, is fantastico: it's minutes from Gran Via and surrounded by the chic stores and cafes that make Chueca the 'it' neighborhood.

Located in Salamanca north of the center of Madrid on the most fashionable street in the capital is the 17-room, family-run Hostal Salamanca.

The Hostal Dominguez is a respite from the buzz of the Chueca's trendy bars and clubs.

An historic establishment that can boast Ernest Hemingway as a former guest, the Tryp Gran Vía is a safe, moderately-priced bet.

Situated along Calle Cruz, two minutes from the Puerta del Sol, the Marlasca is located in "hostal central." But what makes the Marlasca different is the professional service—there's always somebody at the reception desk...