It's obviously very convenient for shows at the Beacon Theater. But the hotel itself is just very run of the mill. Our room had peeling wallpaper, the bed was hard, the bathroom was so small that the door couldn't open all the way and the water from the kitchenette was blue. Yes, blue.
If you want luxury and comfort, walk a few blocks. If all you care about is staying at the venue, just understand that its not a luxury hotel.