The Hyatt Place brand is kind of like an Element hotel or a Hampton Inn: free WiFi, free breakfast, a 'Grab 'n Go' sandwich shop, and a 24-hour gym. A basic, modern hotel with all the convenient amenities for a decent price.
Next door is the relatively new Holiday Inn Express, which is in the same category, and offers rooms starting at $260/night.
Of course, it's all a matter of preference—not to mention loyalty points. IHG Priority Club members will likely opt for Holiday Inn Express, while Hyatt Gold Passport holders will choose Hyatt Place Midtown. At least until Hyatt Union Square opens. Simple as that.
Location-wise, Hyatt Place Midtown is idea for both business travelers and tourists, since you're right in the heart of midtown, with the Empire State, Grand Central, and Fifth Avenue shopping just blocks away, and if you need to get elsewhere in the city, Penn Station is literally at your doorstep.
All in all, a more low-key, budget-friendly option than Hyatt Union Square. But hey, at least there's free WiFi.