Good location, bad everything else
I never go to the trouble of giving bad reviews to hotels, restaurants, bars, etc. However, in the case of Hotel Pennsylvania, I'm more than willing to make an exception. This place was/is an absolute dump. I understand the appeal of an historic hotel in NYC, but I have no tolerance for old, ratty linens, dirty bathrooms, non-working lights, missing amenities (i.e. ironing board), and just a general lack of being with the times. 
The room was $120 for one night, which, by NYC standards, is cheap. Holiday Inn Express was the exact same price, and I wish I had gone with them instead of Hotel Pennsylvania. I'm not what anyone would call a frequent traveler, so any hotel losing my business is far from an issue for them. However, I hope I can influence anyone else that is even considering this place. If you enjoy staying at any hotel with modern amenities and acceptable upkeep/cleanliness, DO NOT stay at the Hotel Pennsylvania. Consider yourselves forewarned :)