Hostal Helena 2 is in a building with many other hostals. It is somewhat confusing to find. (It's on the 2nd level). The person working reception wasn't very friendly, but checked us in in a somewhat timely fashion. The room had 3 twin beds. Mine was decently comfortable, but the other two were uncomfortable. The bathroom has a toilet and urinal. There is a small square shower that had good pressure. Overall, for one night, it was adequate. For a longer stay, I would stay somewhere with a bit more comfort.
The elevator takes forever, just so you know.
The location is perfect for getting out onto Gran Via and exploring a bit of the city. Plenty of chain restaurants nearby, and fun tapas bars on the side streets around the hotel.