Be very careful. We bid on a similar hotel to what you are looking for an ended up at the W on Lexington ave. It was a decent hotel, but not 4 or 5 stars by my standards. More like a 3 star to me. The rooms were incredibly small, probably under 200 sq ft. The 4 of us were squished in there! Plus all of their rooms except the suites have only one bed. DH, me and DD2 were in the bed while DD7 was on the floor on an inflatable mattress. There was literally no room to walk when that mattress was on the floor (and it's child size!).
Just be sure to look at all of the possible hotels you could get before you submit a bid.
On another note, we loved the Doubletree in Times Square. All of the rooms are suites. We didn't bid on that one - we just paid outright for it.