We were told the same day we were arriving Madrid that they had a last minute inconvenience with the hostel at Ventura location and we were sent to the Chueca location.
I had personally picked the Ventura location since we were only there for 2 days and I had already planned places to visit near that location.
We stayed at the Chueca Hostel, the room was comfortable, it was clean and staff was friendly, so at least that was good.
Nevertheless, we did pass by the Ventura location and realized it is closed. I had read reviews of people claiming this had happened to them but I thought that is was only in specific cases, but this hostel is definitely closed, and they tell you last minute so you don't have any other option but to stay at Chueca. Its misleading publicity and it is wrong. Booking this hostel shouldn't even be allowed.
Now, if you don't mind staying at the Chueca location, it is a good option for a few days.