Madrid, like the rest of Spain, is no longer the bargain hunter's paradise it was five or 10 years ago, but it's still one of the best buys in all of Europe. And a hotel room is still quite reasonable--if you know where to look.

Choose your hotel wisely, and you'll have plenty of euros left over to splurge on tapas and sangria. I asked our London- based contributing editor Ted Bacino to hop across the water to visit the Spanish capital and bring back the names of five quality hotels that are also a good value.

The Spanish government rates hotels on a star system, with five being grande luxe. In Madrid, there are only two hotels that boast five stars, the Ritz and the Villamagņa. But Ted reports you don't have to spend more than $136 a night for a double (with an extensive breakfast buffet) to lay your head on a bed in style. That's the cost of a room for two at the four-star, 112-room Carlton Hotel at Paseo. (Singles begin at only $60 a night.) The hotel is a bit away from the main tourist traffic, but has a reputation for being friendly and helpful. All rooms have air-conditioning and a minibar, and the hotel has a stylish bar as well as a cafe serving lunch and dinner.

If location is important, the 57-room Hotel Londres is a little pricier (for a two-star hotel), but it's perfectly located in the heart of the city's pedestrian shopping area between the Grande Via and the Puerta del Sol. Its address is Galdo #2, but it's really on a corner of Via Preciados that runs between the two shopping areas. The surrounding neighborhood isn't particularly attractive, but the hotel is very nice inside. Doubles are $129 and a single is $105.

The three-star, 79-room Opera Hotel, opposite the Madrid Opera House, is located near the Plaza de Oriente and Royal Palace. Doubles cost $129 and singles $65. The hotel offers an optional musical dinner (Ceņa Cantada) as well as minibars in each room and a cafe for lunch and snacks.

Two other four-star hotels, the large 232-room Emperador and the Sofitel Plaza de Espaņa offer great value. The Emperador, with its summer rooftop swimming pool and sun terrace with poolside grill, has doubles for $129 and singles for $107.

The Sofitel is small but very sophisticated with 97 rooms, minibars, bathrobes, slippers, 24-hour room service, and other elegant amenities. It's located just off the Plaza de Espaņa at the top of the Grand Via. It's a high-quality, four-star hotel with lots of extras. Doubles are a good value at $226 (though singles are a bit pricey at $210).

It should be noted that all hotels in Madrid charge a 7 percent tax (not included in their quoted prices).

Good Hotel Buys
The country code for Spain is 34; the city code for Madrid is 915.

- Carlton Hotel
Paseo De Las Delicias #26
397-100; www.hotelcarlton.com

- Hotel Londre
Galdo #2; 314-105; Fax: 314-101

- Opera Hotel
Cuesta De Santo Domingo #2
412-800; Fax: 416-923
www.hotelopera.com

- Emperador: Grand Via #53
472-800; Fax: 472-817
E-mail: hemperador@emperadorhotel.com/
www.emperadorhotel.com/english.htm

- Sofitel Plaza de Espaņa
Plaza de Espaņa Tutor #1
419-880

April 2002