Can anyone expand on their overall experience staying at this hotel. Is it within walking distance to shopping and theaters?
Loews New York Hotel
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It's a perfectly OK hotel, definitely near shopping. I don't know what you consider "walking distance;" it's certainly doable but not especially quick or close. Have you been to Mapquest to see how far it is from your particular theater (if you know what you're seeing)?
My wife and her mother stayed there last year on a shopping trip. They said it was nice, but old. They mostly used a cab to go everywhere, but the hotel is located in a perfect location for Manhatten shopping. This year they plan on staying at the Intercontinental. Loews is more expensive than last year and they got a good deal at the Intercontinental.
The Loews New York Hotel has recently been sold although technically it is still considered a Loews hotel until the sale closes. The location on Lexington Avenue is central and safe but very congested. The hotel appears to be circa 1950's and is built in the Miami Beach style, totally out of character for the neighborhood. It's within walking distance of Bloomingdale's and the shops on Madison and Fifth Avenue, but a long hike to the theatre district.
The previous poster mentioned the Intercontinential, which is similarly located but in my opinion seems like a far superior property if similarly priced. If you have any additional questions, let me know.