Where would u stay in Madrid?

Where would u stay if u wanted to stay in the centre of Madrid, in a hostal, double room,approximately 40-60 euros a night, nice place. Would it be located rather in Gran Via or Sol? Or maybe Huertas? Ive never been to Madrid before,but these places appeal to me the most when im looking through the guide. And i dont mind the noise,id rather be in the nicest and most popular part.Any suggestions?
And also any ideas what to do apart from the obvious tourist routes? Thanks.

Hi, i think that you should stay around the Gran Via area, there is a lot going on there, things to see and do, its close to the art galleries which you must go and visit.

If you go next week make sure you check out the Madrid Masters tennis Tournament, the best players in the world will be there. Don't for get to get the Chorios in and Cervezas!!!

Buenos Nachos.

Follow the link.

Gran V铆a, Sol and Huertas are very close to each other. Sol might be better because most metro lines stop in Sol, and a lot of buses.

Gran V铆a, on the other hand, is "safer", because it's the main street in Madrid. If you stay there, make sure your hotel is right in Gran V铆a, not in a perpendicular street. (Some areas near Gran V铆a are not that good)

All of them are the best areas to stay as a tourist. Therefore, do not expect a very good room for that price ;) But those are the areas I would suggest. You have a good guide ;)

hostels are pensiones/hotels in spain -- except when they are hostels.....anyway, here are just a couple of options but check this link for more.....http://www.tripadvisor.com/Hotels-g18751...

Chueca Pension, Madrid
Gravina 4
2nd Floor
Madrid 28004
(based on 16 reviews)
Traveler Reviews:
Sep 25, 2007: "Great location, clean, modest, and friendly!"
Aug 22, 2007: "Nice place, great value.."
Jun 6, 2007: "Beyond ANY Expectations"

Ranks #2 of 7 B&Bs / inns in Madrid in TripAdvisor's popularity index
Hostal Carrera, Madrid
Carrera de San Jer贸nimo 30, 3潞
Madrid 28014
TripAdvisor Traveler Rating
(based on 5 reviews)
Jul 30, 2007: "Fantastic city hostal"
May 2, 2007: "Great Value, Check your reservation!"
Dec 2, 2006: "Perfect hotel -- Quiet room in the heart of Sol"

Hostal Alaska, Madrid $70 (鈧?0)
c/Espoz y Mina 7, 4潞 D
Madrid
Traveler Reviews:
Sep 15, 2007: "Great for budget travel!"
Aug 14, 2007: "Hostal Alaska is nice, comfortable place to stay"
Jul 24, 2007: "Completely worth it"

I stayed at the Residencia Reisco, a few steps from the Puerta del Sol, nice clean quiet, great deal. The Gran Via is kind of seedy, reminded of Times Square before they cleaned it up.