In NYC you will usually find that the points required for a stay do not offer a great value. I live about an hour out of Manhattan and visit about three times a year to see shows, museums or just sightsee. Although I have close to a million MRP's in my account I pay the cash rate on most visits. I can usually get a rate of around $200-$250 a night. In a CAT 8 hotel like the Marquis or the REN Times Square that equates to about .006 cents per point. I'd rather save the points for overseas trips where the room rates are closer to $500 a night and you get a better value for your points.

You might want to check out some of the non-chain hotels like the Hudson Hotel on 58th. They are running a special for $239 in August and it is a truly unique NYC hotel.