I had a site inspection of Le Meridien, and I would call it adequate - but not luxury. FS and XR (St. Regis) are over the top for luxury.

A resort to consider to save some money is Bora Bora Lagoon (where I spent three nights). It's a bit older, maybe a dozen years old, but I really enjoyed my stay there. The rooms are smaller and not as plus as some others, but perfectly fine - and definitely superior to Le Meridien. This resort has some of the best snorkeling because of the coral reefs off its beach. The newer hotels (FS, XR, Le Meridien) are built in a section of the lagoon with a sandy bottom — beautiful aquamarine water, but not as many fish.

I see that Bora Bora Nui is now a Hilton. It was a beautiful property when I saw it, but I don't know what's become of it now that it's been rebranded.