We stayed there in December, 2005, and the noisy remodel was still underway. The rooms were tired, but should be better once the remodel is done.
The killer feature of this hotel is that it is connected by skybridge to Newark Penn Station. You can walk straight over to the station, hop on the train and be in NY Penn Station 20 minutes later.
And you get a decent, spacious hotel room at half the price of Manhattan.
If you're flying in and out of Newark to visit NYC, and aren't renting a car, this is a very convenient and affordable option. You could stay closer to the airport, or to the city, but then you'd have to get to the train or take a bus; this makes everything walking distance.