I stayed at the Le Meridien Cyberport Hong Kong when I had a 17 hour layover... was upgraded to one of the two deluxe suites with great views!
I had two stays there in the past 7 months and enjoyed both. First time UPG'd to the top suite, second to a large view room. Breakfast is great and PLT 500 amenity pts as well, no lounge to my knowledge, and we loved walking around the water front. Quiet, a lot of green space and not terribly inconvenient, as there is an hourly hotel shuttle to the AE at Central and the public bus stop nearby. I would say that a first timer may not want to be that isolated, but we've been to HKG frequently and it worked for us, especially the price and quality of the property. Of course, I do miss the views of the harbor (especially from the Grand Club at the Grand Hyatt, or the usual Harborview rooms at the IC HK as RA.) Instead, took the Star Ferry, had lunch at Maxims near CityHall, and saved the extra 2000 HKD.