I've stayed at the H10 Villa de la Reina, on Gran Via, a few times (the last time in spring 2005). It was a good price (around 100 euros), a very convenient location for business (I had meetings at the Bank of Spain on two of the trips) and sightseeing (it's close to the Prado). I liked the modern, clean-lined decor and they had a very good breakfast. The bedroom was a bit small (but comfortable), while the bathroom was was very stylish and well-appointed.