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Cheap hotel/hostel near Madrid airport

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I am visiting a friend that lives north of Madrid (Colmenar Viejo) next month. I am going to take a day trip to Lisbon, and the flight leaves at 6:45 a.m. I figure I need to be at the airport a couple of hours early, so that would be around 4:45 a.m. My friend says the buses and trains won't be running that early in the morning. She thinks a cab will be around 60 euros. I'm thinking that maybe I should stay at a cheap hotel or hostel near the airport the night before. Does anyone have any thoughts regarding this? Or any hotel/hostel suggestions since I'll really just be sleeping there for a few hours?

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