Way Hostel is located in the heart of Madrid and is a good vantage point from which to walk to all the main sights: Puerto del Sol, Plaza Mayor, and if you have 25 minutes to spare, El Retiro Park, El Prado Museum, and Reina Sofia Modern Museum.
The atmosphere at Way is decidedly social. The kitchen and lounge area is wide and airy, and sports handcrafted furniture. Plywood benches covered by cushions are inviting seats and bicycles hang on the walls. A projector is in the room for playing soccer games and movies. A fridge with beers of the world sits next to the stairs to the top level, and patrons can grab Amstels (cheap beer from the Netherlands) for one euro.
The 24/7 front desk staff is super friendly and attentive. If you’re headed out somewhere, they draw your route out on a map to point you in the right direction. They offer tons of social activities on the cheap like tapas tours, flamenco shows, walking tours, tango nights, pub crawls, and day trips to Toledo. Twice a week the kitchen staff offers homemade paella for 2 euros a plate. MM. Right down the street is a market where you can pick up groceries and 3 euro bottles of wine. There’s also a pharmacy closeby.
Rooms are really cheap. A bed in a six bedroom is around 17 euros. All of the rooms are named after Spanish painters like El Greco, Picasso, and Regueiro. Mattresses are comfy. The main downside to Way Hostel was the tiny shower that dribbled out water, but you can’t always get what you want.
TLDR; Way Hostel has a perfect location with a rock solid staff that provides activities that make it easy to meet people.