The two star Plaza Mayor Hotel is located in what was the Church of the Holy Cross (Iglesia de La Santa Cruz), a historic building which underwent complete renovation in 1997. It is right in the heart of Madrid's historic quarter, less than 50 meters from the Plaza Mayor. It can be easily reached by subway and bus, the closest metro station being Sol. The hotel is less than ten minutes' walking distance from the Prado Museum, the Royal Palace, and the majority of Madrid's most important historic sites and monuments.

The Plaza Mayor has 31 rooms, almost all of which have windows looking out onto the street. They all have a bathroom, individual air conditioning and central heating unit, satellite television telephone and a safety deposit box (only in double rooms).

The hotel has a lift, 24 hour reception, coffee shop and reading and television lounge, as well as a soft drinks' vending machine, meeting room for up to 30 people, internet corner and free wi-fi in the cafeteria.