Location is the Northern end of the same block as HIX. I now recall driving past it in early May and wondering what brand the hotel would be when finished. It certainly looked a lot nearer to completion than the advertised November opening date.

Marginally closer to Mong Kok Portland Street exit. Also surprisingly close to Olympic most of that route is in malls and covered walkways - but not recommended with bags as the final section is over a high overpass that has many steps with no mechanical help!

It is an "Interesting" area that is still mostly local metal, bathroom and fabric wholesale. but there is a new shopping mall on Portland Street about 5 minutes away with M & S Food and The Marketplace supermarket. From and to the airport it is likely to be a pretty cheap taxi fare. With 2 of you cheaper than the Airport Express. With 4 cheaper than the Express Bus.

As for HK$ hotel prices yes they look low in absolute terms. But pegged to the US$ the prices are massively inflated V UK Pound and Euro even. Last weeks stay at The HIX was far more expensive than I was paying the previous week at The Hilton, Deansgate, Manchester, UK.... with lounge access and decent breakfast.

Re Christmas New Year prices I would advise going for cancellable rates this far in advance. Several of the days over this period will see huge discount offers - probably mid September. But the few days over Western New Year will be stratospherically expensive in HK. As a tip look at spending a few days at least at The Conrad in Macau - you will probably find prices as low as HK$1,089 for some of this period in a forthcoming "Macau NOW" sale.