The VIP Madrid has an excellent location, within walking distance of numerous sights, and on a slightly removed street that's quiet at night. But not much else is positive about this 86-room hotel. Sure, prices are low and the breakfast buffet is included in the rate, but the hotel is well past its prime. The lobby, with its marbled tiles and pale green, cushy arm chairs, is reminiscent of a tired office building. The rooms are even drabber, with little space, old tube TVs, and duvets in an unappealing yellow (the bathrooms, at least, are surprisingly spacious). Plus, many rooms have depressing views of decaying buildings. If you're traveling on a dime, the VIP Madrid is worth considering, but its sister hotel VIP Suites is a step above, as are some other budget hotels in the vicinity.