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You don't have to max out your credit cards or take out a second mortgage to book a place to stay in Madrid. From designer hostels to small, charming hotels, the options for accommodations in the Spanish capital are many and varied. And even better is that you needn't trek out to the sticks to get a good deal, as most of these spots are in central neighbourhoods. Have a look at our list of the best cheap hotels in Madrid and save your euros for discovering all the things to do among this city's best of culture, entertainment and gastronomy.