Location isn't enough
I recently spent two nights at the Park Central hotel in New York City while there for business. The location is excellent for business in mid-town Manhattan, but that's all this property has going for it. The room was supposed to be a king, but they could only give me two double beds. It was tiny, with tattered furnishings and worn carpet. The common areas are unappealing and old. The bathroom is barely serviceable, and the water took at least 2 - 3 minutes to get warm, and came out in more of a trickle than a stream. 
There was constant noise from the hallway and neighboring rooms, which led to two terrible nights of poor sleep conditions. The room rate was well over $350 per night, so it's not as if I shouldn't have been expecting a higher quality property. I also found it irritating that the room was on the south end of the building, but I was forced to take the north end elevators.
There are nicer hotels in Manhattan at this price.