Great location if you don't mind filthy, dingy, smelly room
I recently attended a conference that took place in the Hotel Pennsylvania. I got a great price ($119) considering the location and figured if the conference was happening there it would be fine. WRONG. The room was really horrible. The rug and bedspread looked as if they hadn't been updated in 25 years and maybe not even washed or shampooed in all that time. The bathroom was ugly but not too scary because the smell of bleach was so strong I knew nothing too bad could survive there. (I got a headache from the fumes, though.) The walls were dirty and the room so dark it would have been depressing even if it had been clean. I checked the sheets for bedbugs and they were clean, but I was still worried.
In the end, I survived the two nights without getting bedbugs or any other disease I know of, and the location really is fantastic. If you must stay here, bring slippers because you won't want your feet touching the floor, don't spend any more time in your room than you have to, and keep your expectations low. If you pay very little, you will get what you pay for!!!!