I stayed here with five other girls for a friend's bachelorette party in NYC. We booked a suite with three beds - two kings and one single with a pull out trundle bed. So we all had enouch room to sleep. There was a small kitchenette that was helpful. We didn't use the TV.
Basically, the reason to stay here, other than the value, is b/c of the hotel's history and importance to NYC culture. It's just a famous hotel that has had many famous guests - and tenants , as some people live inside the hotel. It's a real slice of NYC that shouldn't be missed.
I would say that younger people, people on the artsy side of life and people looking for a rather unusual lodging option would be happiest here.