I stayed at the Hotel Benito in Hong Kong just by the TST station a couple of years ago and it was well under $166. (About $100 IIRC.) It was relatively new then, so maybe they had cheaper prices to build business, but you should check it out.

Agree that a hotel credit card might be worth your while. If you're going to be staying at major brand hotels anyway, might as well do it for free. (Also consider the Chase Sapphire, with 50k points, which transfer to Hyatt)