As a hotel...its fine. As an investment..RUN, RUN, RUN...fast as you can!
Just tried to get into this place again. I have tried numerous times this year, but it is always full. 
Want to stay just one night??? Pay the $85.00 fee to 'clean the room'. I paid all of this money for this? Really? Again, i will just stat at the Andaz....
The rooms are clean, and well designed. Great beds, nice linens...all that is fine.
Service? Sorry, but this staff does NOT compare to the staff at the old club in the Hilton Hotel in anyway. They don't have the sincerity, or the warm passion. I miss John and the old club staff. This place has a typical "NYC" attitude, and that is not a compliment!
If you want to BUY something here...they all jump! They are great at reminding you that you can buy more points. They are great at sending little cards, and setting up sales appointments. THey are great at bothering you with phone calls under the pretense of welcoming you to West 57th, and then trying to schedule an appt. to 'review' your membership (sell you more). Unfortunately, they are NOT great at being able to fulfill your reservation needs. OVERSOLD!!
I am very sorry i ever bought here. This is without a doubt, the WORST investment i have ever made. I would love to debate their sales staff on this now...after the fact. It all looks great on paper...during the sales process, but it is NOT!
I have tried repeatedly to use my ownership investment to stay here. I cannot get in. If you have 6 months to 12 months to plan your trip, you might be 'ok'. If you need to plan with less than 4 weeks notice, and stay on a weekend.... Forget it. Not going to happen.
They try to get you to use your points to stay at a hilton hotel....HORRIBLE value for your points.
The only good thing i have to say about this is that the breakfast and evening cocktail service in the owners lounge in lovely. The staff is great, the food is nice...great job. It also has nothing to do with Hilton...these folks are 'third party'....from a fabulous restaurant down the street. Great job, team. You are the best that the west 57th has to offer! I have the same advise for staying here. Do what West 57th has done with their food offerings....and 'GO DOWN THE STREET'. 
DONT BUY. RUN LIKE HELL.
CONTACT ME, I would be HAPPY to supply specifics.