Building on AndrewC's reply... The lounge in MAD is called the Velasquez lounge and has both 1st and Business sections. It is quite new (w/in the last 6 months) large and has lots of drink and tapas choices. I've only ever been in the Business side (just AA Plat/OW Sapphire here). It is in T1 but tends to be rather far from the gate that AA uses for its 1 daily MAD-MIA.
They are good about annoucing flights and, unlike ACs in the US still have a good selection of newspapers
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