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 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.

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...

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

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.

This two-star hostal sits directly above Gran Vía, in a building jam-packed with other hostals.

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.