Tiny Rooms, Good Price, Convenient Location, Great Staff
Good: Staff is fabulous: Very Friendly and helpful. Location is in Hell's Kitchen, so there are loads of food options nearby. If you want expensive and crowded food options, go to 8th Ave. If you want cheaper and less crowded options, go to 9th: the hotel is located between 8th and 9th. Subway stop is about a block away. Penn Station and Madison Square garden are two blocks away. Times Square is about 8 blocks away. We felt safe walking to and from the hotel. 
Bad: Teeny room. We had four people sharing a "Deluxe" room with two double-beds, and we had to rotate our body positions just to move around our rooms (you go left, I'll hop on the bed, and you move this way, etc.) There is a cabinet that could hold one person's suitcase and clothes, but that's it. So, we had to pile our suitcases on the floor and on top of the cabinet and keep our clothes inside the suitcases. There's really only enough room for two people. 
No pool, spa, or free breakfast. Free cookies and newspapers, though.