Good and affordable hotels near Penn Station

[mfish]

So in light of that megabus deal a few weeks back, I now need to find a good and affordable hotel that is near Penn Station in New York City. I recognize that all hotels in that area will probably be fairly expensive and so my budget is up to 300$ for one night. Is it a safe area there?

Thanks!
M

[YLSF]

No need to find a hotel by Penn Station. With the subway it is very easy to get around the city. But, Penn Station isn't a very far walk from a lot of areas too... or save a bit of money per night and sleep a bit further out and just take a cab if you don't want to do the subway thing with your bags....

Check out priceline, hotwire, etc.... I don't have any specific recommendations since I normally stay at super budget places (i.e. hostels)

[dark169]

I stayed at the Four Points by Sheraton near there. Was pretty good.

[GemInite]

across the street from Penn station is Hotel Pennsylvania.

Nothing special but by NY standards it's cheap.