I've spent a couple years of my life in HK hotels (cumulative over the last 25 years). I used to be a huge fan of the IC, especially when BOGOs were paper-based and traded freely. I once arrived and was greeted by a managerial type who informed me that I had used 13 in a year, and whether I was aware that we were given one? Many sweet nights spent in xx16 Junior suites as RA, without breakfast and club access of course, but succeeded in somewhat numbing the pain with the minibar contents. The old IC reflagged to Regent, of course, which is sadly out of my price range these days.

Never was a fan of any of the HIX, and avoid HI Nathan Road like the plague (send me a PM for a GOH certificate if you absolutely need to stay in that area; HR TST is a much better option). Put in my fair share of nights at the lesser IC, but am not excited about staying there (although arguably it's decent value if one holds Diamond/LP and can grab it for HK$1200 or less). My main IHG hotel these days is the CP Causeway Bay, which treats elites well with upgrades, a pleasant happy hour with an amazing view, although mediocre breakfast. This should also meet the OP's public transportation requirement; if you're willing to put up with HIX Causeway Bay, the CP isn't much further away, and you get a lot more hotel for your money -- it's consistently one of the highest CPP redemptions out there.