We stayed at the Holiday Inn Express for one night. This hotel was in the outskirts of Madrid and a bit out of the way in what used to be an commercial district with some manufacturing facilities.
The area looks to be reasonable safe, however I would not want to walk about outside, not that there would be any reason to since there is nothing nearby. You will surely need a car to get to the hotel.
The staff was very pleasant. The rate included breakfast. It was one of the most reasonably priced places within 20 mins of Madrid. [Less]