Want to elaborate a bit on Clipper801's point. In Hong Kong, most hotels, even 3* ones, have various levels of rooms, unlike here in the US. So, for the budget, you can choose to stay in a standard room of a 5* hotel, or an upgraded small suite in a 4*, or the largest suite of a 3*. You need to decide what to do.

For example, for about $250, you can get the largest Harbourview Suite at the YMCA Salisbury, which will have identical view as the Peninsula's harborview room, as they are side-by-side; and at 530 sq ft, it's larger than the Pen's standard "superior room" at 440-480 sq ft and which only faces the city.