Decent renovation, but miss the old kitchens.
We have stayed at this hotel several times, but this weekend was the first time since the hotel renovated the rooms. We figured we would no longer be able to afford the hotel with the upgrades, but got a good email promotion and used it.
The renovation make the rooms look more contemporary and bright. My kids loved the new decor. The lighting is now excellent, and the new shades do such an excellent job at blocking out the light that we all overslept until 10:00 am on our first morning, even though it was a sunny day. We had a 1-bedroom suite this time - we usually just get a double/double, but the 1-bedroom was cheaper for some reason. It was extremely spacious. Every room we have ever had in this hotel is big by NYC standards, but the 1-bedroom we had was likely larger than many of the 1-bedroom apartments in this neighborhood.
So why not 5 stars? It seems that the renovations got rid of the full kitchens that the hotel used to have. There are no longer ovens in the room, which is fine for a weekend stay, but I loved having the oven when we were there longer. The sink is now tiny, making it difficult to wash pans. There are no cabinets for pans and silverware, which means that there are fewer of these things at your disposal in the room. The refrigerator is also now half-size, so there is only a miniscule freezer - probably not room for a pint of ice-cream. 
Also, the renovations look great, but also a little cheap and like they might age quickly. Some of the wallpaper was already peeling in our room, the square sink is too flat on the bottom so doesn't completely drain, and the trays for holding soap and toiletries were already looking beat up and chipped.
If I had never stayed here before, the above wouldn't have bothered me.
A note if you plan to use the pullout bed. At bedtime, we pulled out the sleeper sofa, and there were no sheets on it. When I called the front desk they said they only bring up sheets when guests ask for them. I appreciate that they want sheets to be fresh, but I thought it was weird that they didn't ask when I checked in since I had reserved a room for 4 people and had asked if there was a 2-bed room available when I checked in. (It was St Patrick's Day weekend, so all the rooms were already full.) I would think it would be standard practice to ask guests if they plan to use the pullout bed when checking in. That said, the sheets were brought right away, and the very nice employee who delivered them also went and got us a comforter when he had us look in the closet for one, and it was missing.
Another tip - the Duane Reade pharmacy in Penn Station right across the street from the hotel has much better prices on staples like milk, cereal, coffee, etc. than the little markets/convenience stores on 7th Ave near the hotel.