Ideal location for Times Square, can't speak to other facilities
This proved to be a perfect hotel for some meetings I had in another hotel in Times Square. That hotel, the W, was $200 more expensive per night so rather than stiff my company, I opted for the cheaper Intercontinental. The room was comfortable and quiet, everything was clean and the shower was nice and powerful. They upgraded me to an upper floor - presumably based on my being a member of their frequent stayer program (free to join so why not, right?) but my room wasn't facing the square so the views were just of residential Manhattan - but nice all the same.
Check in and check out were fast and efficient with no lines at the times I was there - although I wasn't there during peak times. 
For the most part, I used the hotel only for sleeping although I did get in a short run in the fitness center and found it to be of a reasonable size with about 6 treadmills and all the usual ellipticals and weight machines. The bar and restaurant (CaVa) appeared to be popular and bustled with activity when I passed in the evening.
If you want some quick food, I recommend the ShakeShack on the corner of 8th Ave - while a little pricey, the burger was great and the frozen custard was excellent.