Just ok...
I stayed the weekend of Jan 6-8, 2012. The Grace had my booking wrong, took care of it, but then got it wrong again. The staff seemed harried and overwhelmed by the mid-afternoon traffic. Beware, the rooms are really small and VERY NOISY. The bed was on a raised platform that required the sleeper to 'jump' out of bed to the floor. I heard my neighbors above and next door jumping all night and morning. No amenities to speak of, aside from orange smelling shampoo and lotion. I could only watch the TV lying in bed.
The positive: it's close to Time Square, and the price was reasonable compared to a big-name venue. Nonetheless, I'll not choose it again.