There are plenty of mid-range hotel chains that offer a reasonably good value in cities around the world, but in certain cities the local team does it the best. In Madrid your best bet is to go with NH Hotels. Sure, they’re in more than 100 other cities around the world, but in their home town of Madrid, Spain they have 39 in the area to choose from. 
A wide selection in key neighborhoods is one thing, but knowing you’ll be getting a good deal makes it a quick and easy decision to book with NH. When I pulled up some random weekend dates a few months from now, only three of the 39 were priced higher than 100 euros a night. Most were less than 50 and that includes tax. Some are in historic buildings too. The one to the right is NH Embajada, going for just €45 per night much of the time.
I stayed at NH Collection Madrid Colon on my last trip to Madrid, just a one-nighter on my way back from Portugal. It generally goes for between €55 and €75 for a standard, less than €180 for a full-blown two-room suite like the one pictured here. It’s located in the Salamanca District of the city, close to rows of great restaurants, designer shops that are probably hurting right now, and some of the most expensive condos around. (NH Parque Avenidas is also in this area.)
Despite all that, you get a good bit for your money here, with a pool open in warm weather, free Wi-Fi that works well, and some English channels on the TV. Rooms are not going to wow you with their stylishness, but the beds are quite comfortable and you get ample amenities like a safe, minibar, and working climate control.
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Suites step it up quite a bit, with a full living room with sofa bed and TV, coffee maker, stereo, and huge bathroom with separate tub and shower.
Although I can speak decent Spanish, I let the staffers rattle off in English to make sure they could and this fluency is not always a given in this price range, but NH consistently scores well on this in customer reviews.
Book NH Madrid Colon directly with the company, where prices are usually as low as elsewhere, or shop rates at Expedia.
Review and room photos by budget travel expert Tim Leffel, who was hosted one night in Madrid by NH Hotels. He has also stayed at several of their properties in Mexico and elsewhere. Other photos courtesy of the company.
NH has great deals all over Europe. If you need to make a booking in a hurry, they’re a reliable choice that usually won’t let you down. Kind of like Ibis/Mercure, but a better deal in my opinion.