We like Hostal Asunción for its non-touristy location, plus rates are reasonable for services rendered, and include free Wi-Fi.

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

The mammoth Hotel Asturias, located one block east of Puerta del Sol, offers a whopping 175 rooms, almost all with private balconies overlooking the street.

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

Renovated rooms have their own personal computer with Internet access. Plus, they are f-r-e-s-h, with new doors, new beds, big TVs, AC...

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

The friendly Angela runs this 10-room show. Rooms and bathrooms ... are absolutely spotless, and the shiny white bedspreads and wooden furniture are new.

Hostal el Catalán is to hostals what Levi's is to jeans—it's an established brand that has so passed the test of time that there's no questioning its consistency or value.

It's all the little details, from the star-spangled shower curtains to the super friendly staff, that make any day at the Acapulco a sunshiny one.

Super cheap and located directly on Puerta del Sol, the Riesco provides a nice, air-conditioned stay near the heart of Madrid.

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.

This cozy, tastefully decorated two-star is the perfect place for those who don't want to travel very far from their room to be near the action.

Late night festivities are encouraged here, but raging parties on the streets of Chueca stop at the door—Hostal La Zona prides itself on class and safety.