Stayed for a few days in a single room with a private bathroom and it was a satisfying experience. The price was normal, not too cheap not too expensive. The room size was good too. The location perfect right next to Sol and very close to Prado Museum and Retire Park.
Setting the price is part of demand and offer, but when demand is high and the accommodation charges two times more than normal, guests should receive something as compensation. I recently stayed at Astoria Hostal paying around 150 Euros per room, and had to pay one Euro for using the safety box.