Not sure if this place functions as a regular hotel for all visitors, but I got a tip from someone in the know that this place was a good place to stay for a visit to Madison.  It's not much - definitely do not expect anything fancy - but it's cheap ($96/night) and centrally located (especially if you're looking to bar hop in the area or generally want to have non-car options).  It can get somewhat loud since it's next to student housing & perhaps a frat or two, but I didn't find it to be much of a problem and I was on the first floor.  The five stars are for convenience, price, and location.