Great Deal !!!!
Getting to the "Wiesn" will take approx. 20min by U-Bahn, just use U6 to "Odeonsplatz" and hop on U5 to "Theresienwiese".

Regarding the hotel itself, it is true that the rooms are average and the "suites" do have a strange room layout but it is absolutely ok and the staff is nice. Also the new restaurant is not that bad.

Seeing such a PL deal reminds me of that PL Marriott Marquis deal a few years ago where one could catch new years eve for 110$.