Hong Kong can be cheap or expensive. For the last couple of years, I've stayed there 4-5 times per year. The hotel I stay at, a decent 4*, has gone up about 20% for bookings made this year. Luckily I'm top elite at the hotel, so get a lot of extras which reduce food costs to $0, if I don't want to eat out.

If you go a bit further in the New Territories, the prices come down.

One other tip that you might want to keep in mind, is that many hotel loyalty programs have specials. Say, stay 2 times, and get 1 free night. I find cheap nights in the US, and earn expensive nights in HKG. Works out to as low as $80 per HKG night depending on the promo. Plus you get stay points, and elite benefits once you get above base membership.

If you go to mainland China, then you'll find a lot more options. I've stayed at $30 a night places, that are nicer than $150 a night HKG properties. The views may not be quite so good, though.

US citizens need a visa, so make sure you figure out the entire costs before jumping in.

On average, I spend $150 a day for 4* hotel with club access, taxi and the occasional meal out. Some great dim sum places out there.

I actually prefer HKG to SIN, as prices in SIN have shot up so much.