That Sofitel is a great small hotel, good value. I'll actually be there a few weeks after you. It's a rather long walk from the Sofitel to Chueca, but a short metro or cab ride. A hotel farther down the Gran Via would get you close to Chueca and in more of a daytime pedestrian shopping zone. Or, a business-type hotel on the avenues east or north of Chueca would work, but you'd be farther from the central tourist/shopping scene.