I wouldn't do a cheap hotel. Cheap hotels can be dodgy in Hong Kong and there's also the hassle then of moving to the real hotel.

If you're entitled to lounge access at the real hotel, you'll be able to wait there until the room is ready if you don't feel like going off exploring upon arrival. You're officially not entitled to breakfast upon arrival, but you can at least have beverages and you might be invited to take from the breakfast buffet too.