It's in a great location if you want to be in the energy of Times Square and want to spend the extra money to be there. The subway is close or you can walk anywhere you want to be, but know that Times Square is extremely noisy 24 hours a day. It's normally $120/night, but we paid $300. Others in Times Square were $500, but we were there at peak Christmas time. It's a small hotel with very narrow halls, but the rooms were a nice size and you're not in New York to be in your hotel.
The room was uncomfortably warm and could not be regulated. The bed is like a wooden plank, but the floor is actually harder. We had reserved a room for three, but upon arriving, we found that they do not allow three people to a room and do not have rollaways, so we had to sneak my husband in and he slept on the floor rather than be stranded in New York! They were rude on the phone because we made the reservation online instead of directly with the hotel, but were very pleasant once we arrived. The Continental breakfast was basic, but it was nice to have available since everything is very expensive in NY.
My credit cards and money were stolen from the lobby restroom after management allowed someone off the street to use it, but they were helpful when dealing with the police and put an 'Out of Order' sign on the restroom door so only hotel guests could use it from now on.
It's an OK place for budget minded people but I'll swing for the Marriott next time (I love Marriott's beds!)