We recently stayed at the newly branded Holiday Inn Calle Alcala (used to be called the Velada).
They had a special try us out offer which included breakfast I think it worked out about £180 for 3 nights. The metro is a 5 minute walk away and will take you into the centre of Madrid in 15-20 minutes. They do lay on an airport shuttle but not at weekends. We managed to get a 8am check-in which was appreciated.
Decent hotel and worth thinking about.