The best places to eat in Madrid are not necessarily expensive, but as the offer of tapas bars and restaurants is so high, the difficulty of just getting it right it is very obvious.
In the city centre of Madrid you can eat a daily menu for 8 euros which is roughly £5 on most of restaurants around the Old Town. The famous tapas are actually quite widespread but Spaniards go primarely to two parallel streets called Cava Baja and Cava Alta, to enjoy a glass of wine or a beer with tapas (Spanish appetizer).
One of the "must stop" restaurants is located in Calle Cuchilleros, known as Restaurante Botin, it is in fact the oldest in the world, and important celebrities, Hollywood stars, Presidents and Prime Ministers have been seen there.
Just a few minutes walking distance from Calle Cuchilleros there is a place called Casa Lucio, which has to be booked months in advance. The speciality of the house is called ˜Huevos estrellados", which are simply chips with fried eggs on top. Once you try this dish you will surely become addicted to it. Casa Lucio has seen guests like Bill Clinton, Margaret Thatcher or George W. Bush. The rates are still really affordable.
In front of the Royal Palace and right next to the Opera House you will find the Cafe the Oriente, probably the best terrace in Madrid with wonderful views and life music in the summer, it is decorated in an 18th century French style at affordable prices. The light of the candles, the atmosphere of Plaza de Oriente during the night and quality food make sit a perfect place for a romantic dinner.
If you can afford it, the Restaurant and summer Terrace at the Ritz Hotel is of the best places, in particular the Sunday Brunch will simply take your breath away. It takes quite a lot of preparation but the end result is fantastic. The Ritz Hotel is also ‘the place’ where all the Hollywood stars stay and eat during their film premieres throughtout the year
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Other high quality restaurants are Asador Donostiarra, El Amparo, Lhardy, and Portobello, where David Beckham enjoyed numerous lunches while he was playing in Real Madrid.