In terms of quality of offering, there is no comparison between them. However, I think that room rate at the HR regularly exceeds what I would call reasonable value. The hotel has been refurbished, but it is still fairly tired. As a globalist, I have been upgraded to a suite on all but 1 occasion this year, which is great value. The club offering is good and the views are great for canapes. At the PH, I typically get upgraded to a opera view and more often than not, have been upgraded to a deluxe opera view, with its own couches and sitting area.
Breakfast at PH is fantastic, but lack of lounge for evening canapes is a drawback.
Two weeks ago, I was upgraded to that room when I had booked the cheapest room available and the hotel was booked out. I also had the same experience using a redemption cert when the hotel was booked out, although I have stayed there 15+ times, so that have been relevant as well.
Now that I no longer have a corporate rate for the PH, I will typically stay at the HR in Sydney, as my clients would not pay for the PH rate (and the HR rate is sometimes too high as well).