that is a nice area, off alcala and the paseo continues on chic Castellana.
hostals are a good option see several here near your place
one that I stayed because use the chain is NH Sanvy not far from the area and great hotel comfort and price in your range too
Unique Quality: great chain NH I use a lot, over the years. The comfort and price ratio is super. The combination of terrace solarium, nice gym, and great pool plus the location is a given.
Directions: corner of Hermosilla and Goya streets, nearest metro is Colon; easy walking distance in a nice area
Gran Via 38, Madrid, Madrid
Paseo de la Castellana 22, Madrid
Plaza de las Cortes 7, Madrid, Madrid
Plaza De La Lealtad 5, Madrid, Madrid
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Address: Goya 3, Madrid, Madrid 28001