When I stay in Madrid, I usually end up staying in the centre of the city right next to Puerta del Sol. But on my last visit, I found myself growing tired of fighting through the crowds as I made my way back to my accommodation. So after a quick search, I found this place. Situated in Plaza de Chamberí, just a short walk from the nearest metro station at Iglesia (Line 1) and close to Bilbao (Lines 1 and 4) and Alonso Martinez (Lines 4,5 and 10). It is a great area for dining out, with plenty of cafés in the immediate vicinity for your desayuno and plenty of other dining options around Bilbao.
The accommodation itself is not flashy, but the room was extremely comfortable. Perhaps the lack of storage space would cause problems on a longer stay, but for a couple of nights, it's perfect. Also make sure to visit Anden 0, an old metro station which has been converted into a museum, located just outside the entrance. Admission is free and it's well worth a look!