Location Location Location!
I'm actually staying at this hotel right now. I'm here for business and have meetings all over the city. The location is the prime reason for staying here. It is right off Times Square (and I usually stay downtown). All the subway lines are within a 3 block radius. The hotel is nice and well appointed. The rooms are small but all rooms in NY are small. There is free wi-fi in the lobby and restaurant and there is a nominal charge for use in the rooms (the connection is SLOW for video though). The biggest complaint I have is that the elevators TAKE FOREVER. Seriously the slowest elevators ever.
The staff is very nice, the bar/restaurant is very nice. There is a deli/grocer next door where you can get breakfast/sandwiches/drinks just about anything you need. You don't need a mini-bar or room service with this next door (sorry hotel, but it is a nice amenity). There is a starbucks half a block away and a fedex office next to the hotel. I am on the 5th floor and have no problem with noise and sleep very comfortably.
I would recommend this hotel for business and personal travelers.