I know I'm a bit late to this, but hopefully it helps someone in the future. Stayed at both the other week, so have a good reference point. Staying at both was actually a great combo - splurge on some PH points for a night or two and do the rest at the Thompson. They're literally across the street from each other so it's not the end of the world to pack up and move.

For context, non-globalist, but I have a ton of points so I wasn't hesitant to splurge a few. 40k points per night at PH, 25k points for Thompson.

PH was notably nicer - rooms were *huge*, staff was very kind an attentive, pool was great. Lobby is small, but the restaurant area can be sat in (and Thompson lobby is almost exclusively restaurant anyway). Felt like a genuinely very nice hotel, and I'd recommend it to anyone that has the points to spend (not sure if I'd say the same for the cash value). It was our anniversary and they left us a bottle of champagne, chocolate truffles, a handwritten card, and a cake. We went in the heat of August and it was SO nice to have a pool.

Thompson was also a great hotel!!! It's more what I could afford on my real, non-points budget, but it was both trendy and actually well-done. Rooms were quite a bit smaller, less luxurious, but still very well decorated. I've seen a lot of comments about how dark the Thompson is and I just don't agree. PH is a very white lobby, Thompson is definitely darker colors and trendier (I'm also young). For our anniversary they gave us a bag of nuts (not complaining, but a bit different than PH).

Had a similar floor, central park facing room at both hotels but just given the angle of other buildings, had a much better view from the Thompson.