Recently took the family to NYC and stayed at the Sheraton Times Square. The location was fine - its kind of in between times square and 5th avenue/rockefeller center. The subway line almost right outside the front door was really useful for heading downtown. Category 5 was good for us to stretch the points with a 5 nights for 4, but not applicable for your stay. Lounge is on the first floor by the entrance - ok, nothing special, but the staff is really friendly. As a platinum, we had a room on the 50th floor with a view of an office building. I'd recommend you consider this hotel.