Location, location, location... but little else
The hotel was located right opposite Grand Central Terminal, and therefore was incredibly convenient; very walkable to Times Square and other tourist attractions, with a plethora of dining and entertainment options nearby. However, I am afraid that my compliments end there. The hotel really should only be frequented by business traveler, as convenience was its biggest (and in my view only) advantage. I definitely will not be returning.
+++:
Location: As per above, the hotel was incredibly well-located. It would make a good option a quick stay close to the station was required.
Deli: There was a cool little deli in the lobby, very different from other hotels. While the prices were probably higher than the ones in the street, it did offer a wide array of food and drinks for a halfway decent price.
Rooms: The beds were big enough, but the size of the room was quite small. There definitely had been an effort to make modernize the interior, with a flat screen TV and fresh paint, but it was obvious the room had seen much better days. I cannot say that the room was great, but at least it offered a good night's sleep.
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Crowds and noise: Due to its location (and name), the hotel was incredibly busy. That being said, the walls and doors were thin. I am not sure if it was purely the lack of luck, but we stayed on the same floor as a group of teenagers, which led to lots of laughter, shouting and talking in the hallway, as well as doors slamming shut at all hours of the day. It was quite frustrating waking up multiple times a night to this. Also, be prepared for a long wait in the elevator during check out time, and to encounter throngs of people in the lobby gathered for a wedding or convention.
Cleanliness: In our room, one of the drinking glasses was missing, and the other was FILTHY. The bathroom was acceptably clean, but probably not up to the hygiene standards usually accorded to four and five star hotels. Area behind our bed was a little dusty. 
Value: The hotel was expensive even at a corporate rate, but what really put me off was the way they tried to nickel and dime us. I found the way in which they took money for stored luggage to be ludicrous for a supposedly five star hotel chain. Also, wifi was not free, and using the business center to print tickets cost money as well! Initially, I thought this culture was representative of New York hotels, but I stayed at another hotel during the same trip (of which I will review later) for a similar price, of which was much, much better!