I am heading to Madrid next week for business. I have only one day to extend. Does anyone have a suggestion on how to make the best of that day (Sunday)? Also, any suggestions on great tapas restaurants in the city? I may have a night off. Thanks!

The real tapas are food of bars, to take standing up in a tour of several bars.
A nice tapa tour:
* Calle Victoria & plaza de Santa Ana: El Buscón, Alhambra, Casa del Abuelo & Cerveceria Alemana, Naturbier, La Moderna.

i would take the tourist bus, day and night, if you haven´t already gotten an overivew during your business trip.

if you have seen a bit of madrid from the taxis already.. and are NOT interested in going into the prado or other museums (which will be terribly crowded on sunday) a trip to toledo all day on the AVE train would be a nice way to spend, weather permitting, your free day.

then at night in madrid, go to the palacio real area (plaza oriente) to an outdoor restaurant for a drink and soak up the view.

the tourist bus runs til dark and after, and is a wonderful way to get those gorgeous night-time postcard photos.

Explore the city by walking. See the Royal Palace (think about visiting the palace), Plaza Mayor, Puerta del Sol, Cibeles. It is about 1.3km and you get an impression about different eras and architecture.

If you are interested in art, think about visiting the Prado (no comment necessary) and/or the collection Thyssen-Bornemisza and/or Reina Sofia. Three world-class museums.

You may also enjoy relaxing in the Buen Retiro Park.

Thanks for the feedback. Any suggestions on an inexpensive place to stay for 2 nights. I was hoping to spend under $150US per night.

I once stayed at Conde Duque. It is a nice 4-star-hotel in a good location.

I think rates start at 100 Euros per night.

See http://www.hotelcondeduque.es

For a place to stay, if you don't need amenities, Hostal Acapulco, is clean and simple. The people there are very helpful. It is located on the Plaza del Carmen between Gran Via and Puerta del Sol and is only about $60.

This is a cheap hotel in Madrid in a great location and it is clean ,but very simple. Only the price and location are great ( many Spaniards stay there).

http://www.hostal-laplata.com/laplata/ingles/home.html

Also I would HIGHLY recommend having lunch at Botin. Yummmmmm. One of the best we have had in Europe.Go for the suckling pig or lamb specialty and the gazpacho is the best we have had in Spain.Great wine.

I wouldn't miss the Prado and the hot chocolate! It is a beautiful city.

We really liked the Hotel Plaza Mayor. We stayed for 1 night. Price as very reasonable. We went to dinner at Botin, which was good (but not great) and then to a Flamenco show at Las Carboneras, which we really enjoyed.