This is going to sound like the first-worldiest problem of first-world problems, so here goes.
We stayed at the PH for 4 nights in 2016, so I would guess some things have changed. I'd always heard the PH is the premier brand and one of the nicest chain hotels you can book, so that's why we went for it. It was... I dunno, underwhelming. It's hard to exactly put a finger on what it was, but the hotel was a little worn and tired. It's very nice, don't get me wrong, but if I were booking another high-tier Hyatt hotel in NYC, I would opt for the Andaz Fifth Avenue (but it's a totally different style too).
I'm looking through my pictures, and apparently I only took a picture of the bathroom. TBH, it's a really nice bathroom.
I do remember we stayed on the (now no longer available) 2 free nights from the Hyatt card sign up bonus. The front desk offered us an upgrade to a Deluxe room for $50/night, which we took (expiring CSR travel credit, yeah!). I'm glad we did, because the room we got was still pretty small. The decor was... dark, I guess? I'm having a tough time putting into words what we didn't like about it, but we both agreed that while it was a very nice hotel it just wasn't for us and we would prefer a different Hyatt in the city, even on points.
I also did not particularly prefer the area. It's not terribly interesting. It's north of Times Square, Theater District-ish I guess. If you're seeing Broadway shows it should be pretty convenient. It's only a block away from the 57th and 7th subway, served by the Broadway (yellow NQRW) line. The immediate restaurant options are okay at best. The nice thing is you're within easy walking distance to both the hugely diverse choices of Hell's Kitchen, and in the other direction, the 53rd and 6th Halal Guys (plus 5th Ave shopping).
The more I think about it, I probably would have enjoyed the hotel more as a whole if it were in a better area. We like to try new foods when we travel and get things we can't at home. I'll find the good values and the hole in the wall places. There just isn't much of that in that area.
I think we're likely a unique case. You'll probably enjoy the hotel a lot. And to reiterate, it is really nice. It's a little tired yeah, but a lot of NYC hotels are. I'd be interested to hear your thoughts when you go!