Yeah it's a good choice, nice hotel right in the theatre district. Room when I stayed there was really nice, couldn't really fault it.
The hotel bar has a balcony which overlooks Times Sq, which was pretty good when I stayed there because it was 35 degrees outside, but might not be as ideal for you (unless they have heaters out there).
Gallaghers steak house is next door - I'd highly recommend that if you like eating meat. Theres a decent pub a block across too (Rosie O'Grady's).