For luxury, head to Hotel Villa Real (Plaza de las Cortes 10, 91 420 3767, www.derbyhotels.es, €360) or the new and ultra-cool Hotel Urban (Carrera de San Jerónimo, 34, 93 366 8805, €155-€300), owned by the same group. Budget chic is the latest vogue in Madrid accommodation and gets our vote every time. Two newish proponents of it are the Hotel Campomanes (C/Campomanes 4, 91 548 85 48, www.hhcampomanes.com, rates €93-€119) on an elegant sidestreet near the opera house, and the high-tech Petit Palace Ducal (C/Hortaleza 3, 91 521 10 43, www.hthotels.com, €177) just off Gran Vía. Other, mid-range, options include the Hotel Suecia (C/Marqués de Casa Riera 4, 91 531 6900, www.hotelsuecia.com, €109-€197) just off C/Alcalá, or the classy Hotel Palacio San Martín (Plaza de San Martín 5, 91 701 5000, www.intur.com, €117-€225).

There are plenty of budget places in the old city, including the louche Hotel Mónaco (C/Barbieri 5, 91 522 4630, €55-€75), set in an old brothel, and the characterful Hotel París (C/Alcalá 2, 91 521 6491, €75-€97) with its delightful interior courtyard.

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