This is clearly a two-star "hostal," so understand what you are getting before staying there. It is one floor of rental rooms (3rd floor) in a very old building with two other different hostals on the 2nd and 4th floors and a common first floor entrance to all three. The room was very small and very low-end, the paint on the window frames was peeling, and the white towels were old and rough and brownish as if washed in rusty water with stains. We found no remote for either the TV or the AC, and the person at the desk left immediately after our late check in. There is no resemblance between what we got and the pictures of rooms on the actual Hostal Veracruz website.
Having said that, the room and its relatively newish bathroom were clean, and I believe the room was safe. The location in Madrid Centro next to Puerta del Sol is excellent though somewhat noisy. Taxis cannot access the hostal directly so you have to walk a block with your luggage, which surprised us but is no big deal.
We were charged almost $250 dollars for our one night, which is absurdly overpriced. For people on a budget willing to pay no more than maybe $125 and not looking for something remotely 4 or even 3 star it works, and again the location is excellent. There are probably other hostals in the neighborhood which are actually "nice." But it was not what we expected or led to believe based on the Veracruz website and we would never pay that price for a place like that and would not choose it again.