The 61-room Petit Palace Italia is a no-frills property with streamlined, contemporary decor, located off Gran Via, a central shopping avenue in Madrid. Minimalist rooms with hardwood floors are clean, with modern bathrooms, small flat-screen TVs, and minibars. Room categories include High-Tech Rooms, which are equipped with laptops, and Family Rooms, which have bunk beds for kids. Freebies include Wi-Fi and bicycle rentals, and though breakfast isn't included in the nightly rate, an ample buffet is on offer. For a touch more luxury, consider the Petit Palace Italia's sister hotel, Petit Palace Alcala Torre, a couple blocks away.