Street noise!
This hotel does a lot of things right, but providing a quiet place to sleep isn't one of them.
First the positives: Great location, very pleasant common areas (lobby, restaurant, etc.), friendly, accommodating staff, budget-oriented price (for NYC), good sized room and bathroom (for NYC), comfortable bed.
My main issue is the street noise. I know this is New York and I know this is Times Square, but it wasn't possible for me to get a decent night's sleep, and for me, that's my number one expectation from a hotel. I heard every car and truck drive by the hotel all night long. It was like sleeping with the window open. By the way, I stayed on the 9th floor on the 46th St. side of the building.
One other complaint is that the room I stayed in doesn't have a desk or work table. This might be the first hotel room I've ever stayed in without a desk. In fact, except for a small bedside table, there was no table or shelf of any kind in my room or bathroom.
This hotel has a lot going for it, and maybe if you stay on a higher floor or another part of the building, you won't have the noise problem I did. But they need to find a solution for the street noise issue.