Not a lot of love here for this hotel so I'll speak up for it. I've stayed here four times over the last two years as a Platinum and I love it. For ~HK$1000 I've had a smooth friendly check in at the lounge, a huge modern suite, decent lounge buffet breakfast and two hours of food and drink in the evening. They also give the expected 500 bonus points plus an additional 100 bonus points. I've found the lounge staff to be very friendly and appreciative of my return visits.
I was there last weekend when the hotel was at near 100% occupancy (I used 10k points for the night when the rate was up to ~HK$1800 so a good use of points) and they expanded the lounge across the corridor to accommodate the hoards. It's a 4000 room hotel so I don't expect a boutique experience.
In fact, my only minor negative comment is that after it rebranded Sheraton Grand (from a mere Sheraton) the evening food selection in the lounge feels significantly downgraded with mainly cheap Asian dishes now. I remember hot Western dishes from the hatch the first two times I was there. Now replaced with noodle soup.
I've not seen the newer St Regis at rates anything like ~HK$1000 a night or offering such value to Platinums so I don't think the comparison is fair.
I'll be back at the Sheraton in November for the weekend with my Platinum brother in law and two sisters. The lounge reception made a note of this when I checked out on Sunday. Let's see if we get suites near each other. We will, however, be going to the St Regis for their lavish Sunday brunch before heading to the ferry for a 5pm departure home to Shenzhen. Wish me luck.