I don't stay in NYC hotels often (since I live here), but from what I hear the Westin Hotel in Times Square is really nice and close to many attractions (B'Way shows included). As another bonus, a few subway lines stop downstairs (A,C,E). These can get you downtown to the finance district very quickly and also up to central park and Columbus Circle in less than 2-3 stops.

I would definitely recommend going to Columbus Circle and check out the new AOL Time Warner buillding--there's a mini-mall in there and a great food store downstairs that's worth checking out and having a bite or two.

NYC Subway Map