Hotel Ritz (Closed)
Plaza de la Lealtad, 5, Retiro
Occupying a massive Belle Epoch palace mere steps from the Prado that speaks to Madrid's illustrious history, the Ritz actually belongs to the Mandarin Oriental family of hotels, despite its name. The grand lobby, champagne bar, English-style tea room, and excellent Basque restaurant are all decked out with the grand flourishes of the early 20th century. The rooms are equally opulent, with rich tapestries, ornate rugs, and period furniture that oozes old-world charm.