We last stayed in Hotel Europa about ten years ago. We liked the location. We will be in Madrid over New Years. Anyone with more recent experience? Was just on the web site and the pictures look like it has been rehab some and the prices may reflect that.
Frank...when I was there in March, they had scaffolding up to re-do the brickwork along the Calle de Tetuan side (that little side street branching off of Calle de Carmen.) However, they had finished the work they've been doing on the front. As long as you don't get a room facing Calle de Tetuan, you'll be OK.
We have always take a room facing the plaza. It is noisier but we like the little balcony and being able to see the action on the plaza. I guess that is why they invented ear plugs.
They have been doing a lot of construction work on Sol itself....but it's not nearly as bad as it was a year ago.
We were there in June, and it was fine. I think the scaffolding work must have finished, because I didn't notice anything like that. We had a room overlooking the square. One morning we awoke to the sounds of thousands of whistles--some kind of demonstration in support of a strike, I think. Definitely a true Spanish experience. I bet New Years with a balcony there would be awesome!
We were there in September. The hotel & staff were excellent - we'd return anytime! We had a room facing the plaza (211, I think) and had no problems with the noise from late night revelers. The constructions in the Puerta del Sol was still going on - but that just means less traffic going by your window. Thought the prices were quite reasonable - and we booked before the dollar's recent resurgence.
Enjoy
And the department store El Cortes Ingles is nearby for picnic shopping, etc. The Prado is about a 15-20 min walk uphill from H. Europa.