This large modern hotel with a business focus is handily located next to Atocha station, across the way from the Reina Sofía museum, 5 minutes from the Prado. Because it hosts many business groups, everything is up for negotiation: Rates rocket when it has a conference and drop through the floor when it doesn’t. If you can get them to throw in the excellent buffet breakfast (otherwise a pricey 17.50€ per person), take the deal. Rooms are modestly sized, and functional rather than charming, but you might be able to wangle an upgrade to a more luxurious executive room with private terrace.