This hotel is smack in the middle of things. It's location is awesome for the theatre district and for getting out and about to see Manhattan.
The room I had (a king) was of a decent size for a central NY room, and in pretty good condition. The furnishings were new, the bathroom a bit tired. The room was kept very clean.
The communal areas -- corridors etc were/are a bit shabby... but I really liked the deco style of things.
Desk staff fairly disinterested, but this is New York and at the budget end.
For the price and the location it represents very good value. It's not the Plaza, but if you want the Plaza then pay for it.
One really awesome thing is the bar in the hotel - the Rum House. Good cocktails, and not too expensive.
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