There have been many times (many many times) when the Waldrof was the least expensive Hilton in the city. Not every room there always costs a fortune, I feel sometimes it's one of the overlooked bargains in the city.

At show and dinner time there is no problems at all on the subways should you choose that method. It's just probably more of a hassle to get from the Times Square area, if that's where your shows are, to the Waldrof by public transportation then it is to walk or grab a cab.