I really loved this hotel! I stayed in a room with my 2.5 year old. It's clean, safe, comfortable, and calm. Gorgeous window with balcony. Friendly staff. No frills, but for the price , really you can't ask for more! Yes you can hear noises from the street - it's in the center of Madrid and in the gay district so of course it's party central. BUT, fortunately it's mostly just people talking and not like booming bass, and, the thick windows muffle enough of it that with my phone playing white noise on full volume and ear plugs (something I do anyway at home), I slept just fine, and I'm a light sleeper. Although, that said, I saw them setting up for a concert the day we left so there may be exceptions to this during pride week. Probably fine other times though.
Minor annoying things but not big deal - shower is tiny, and the AC blew on my face where my bed was. Fortunately they gave me an extra blanket. Nice fleece throws.