I was surprised to learn long after booking that there is no Elite lounge at the Times Square Renaissance. We just spent a night at the Midtown Rennaisance, which has a very nice Club Lounge for Platinum Elite guests. In hindsight we should have booked there again, but now that property is sold out for our night.
Just goes to show that it's a good idea to check in advance rather than simply rely on the brand. Other than "free water" in our room it doesn't appear that we will be receiving any perks for our Platinum Elite status on our upcoming stay. Disappointing.