We attended the Macy's Thanksgiving Day Parade last year & the weather turned out good, although Hurricane Sandy had come through a few weeks earlier. We stayed at the Marriott Marquis Times Square which was convenient to restaurants, shops, shows, etc. A lot of action right outside the hotel. Also, the hotel was decorated with holiday lights & decor. I was surprised that the stores in Times Square stayed opened until 2 am. If you didn't know it was that early, you would think it was just normal hours since so many people were still out & about at that hour.
The parade was on 6th avenue so it was just a block or two away from the hotel, so convenient. We just walked there & found a spot on the sidewalk. Go early if you want to be in front, esp. if you have small children, however, the view was good since the balloons are high up. I don't know which room location would be good to watch the parade from inside the hotel. I'm not sure, but I think that maybe they changed the parade route last year to 6th ave, but maybe before that you were able to see it from the hotel. Maybe call the hotel & see if they can tell you which room location.
Have a great time!