Questionable name aside, this latest addition to the portfolio of Ibiza-based Ayre Hotel Group (part of the Palladium Group) is a welcome addition to Madrid's increasingly lively Chueca district, with its growing litany of bars, cafes and boutiques. Based in a locally beloved neoclassical townhouse that holds landmark status and dates back to 1907, Only You Hotel & Lounge is the result of a €20 million renovation project. The task of upgrading the property to its current state was entrusted to Barcelona-based firm Lazaro Rosa Violan & Contemporain Studio, who have dressed all 70 accommodations in a choice selection of bold blues, geometric patterns and a lick of mid-century élan. At ground level, the hotel has been thoughtfully divided up into a series of 'salons', each lined with antique finds and custom-made pieces. Standout areas include the cafeteria-cum-breakfast room, styled like a saloon - complete with wood panelled walls - while the sophisticated lounge is tempered by colonial-inspired accents such as faux zebra and rhino heads, which sullenly stare on over guests enjoying the hotel's live music and menu of modernised Spanish classics.