I've stayed at the RI Times Square numerous times and enjoy it. It really should be called RI Bryant Park since it's not really in Times Square, but that's a good thing. Good location, quiet-ish since you're not right on Times Square. Corner rooms have view of Bryant Park (north rooms) or the Empire State Building (south rooms). Rooms have a microwave, fridge/freezer, and dishwasher, but no stove/oven. Hotplates & other items can be requested from the front desk. No shortage of restaurants nearby. Subway stations galore with the nearest one servicing 7, B, D, F, M lines. Grand Central's 2 blocks over which gives you 4,5,6 lines. Times Square is 2 blocks over which gets you N, Q, R, S, W, and 1,2,3. Macy's / Herald Square is a short walk south.

As far as pricing, I've gotten this hotel for under $175/night BEFORE LNFs, etc.

Others to consider:
RI Manhattan Midtown East. Lexington & 48th. This is where I stay most the time due to its proximity to where I need to be in NYC. Much smaller hotel than the RI Times Square, but often less expensive. Rooms vary from great to a bit small. Service / cleanliness has always been good for me here. It's 2 blocks from Grand Central, which works for me.

The Lexington (Marriott Autograph). This place is hit-or-miss. If you're looking for a place to flop at the end of the night, you won't be disappointed. 1929 building which could use a complete overhaul. They keep putting more paint on it and occasionally change the carpets, but there's no mistaking, it's an old building in need of a gut If you're booking at the right time, rooms can be had for a little over $100/night. Maid service / cleanliness can be inconsistent. Nice bodega across the street, plenty of good restaurants in the area.

DO shop $ before pissing away points on these properties. At times they're flat-out cheap.