I have to disagree that staying on the HK island side is undesirable for tourists.

It depends on your travel budget, the Pen is the best. On the other hand, if staying in the cheapest room at the Pen, I'd rather stay at the best room at a one notch lower grade hotel.

I consider the location of the new W to be a little out of the way for tourists.

Caution there are 2 IHC in HK. Make sure that it's the one at 18 Salisbury Road and not the one on Mody Road.