Hong Kong hotels are not that bad. How much luxury do you want? You can easily find rooms for around $70. I stayed at the ibis north point for this. Its a bit out of the way though, but good access to subway. Ibis also has a hotel Ibis Hong Kong Central for under $100. Look at Delta Perks for hotel deals, you can stay at someplace like Cordis Hong Kong at Langham Place for $150 (not much savings over hotel website) or you can be adventurous and stay fairly cheap at places in Chungking Mansion (under $30). Oh, only under $30 if you do not go New Years weekend as I found out this year.
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