Yes, I've been twice and love it there!

We stayed at the Novotel at Puente de la Paz.
It was very nice and clean, almost looking like it was just remodeled.
With the Accor discount, we paid $60 a night.
It was in a suburb but we could be in central Madrid within 20 minutes by public transport.
There was a fantastic tapas place close the the hotel, which we ate at several times. It was called Cafeteria Veneto.
Also had good tapas at Restaurant Hontanares, off of the Avenida de Americas metro stop.

Have fun!!! It is a great city to visit.

We are off to Athens next week.......