Stayed at both the E&O and the Cheung Fatt Tze last November. They're both excellent in their own ways.

At the E&O, had the marvelous, massive second floor Straits Suite for around USD 139, including in-room food amenity and I believe breakfast as well. Very high ceilings and lots of hardwood in the suite, plus British-style clawfoot bathtub. Excellent view of the straits throughout palm fronds, pool below. In design, the long, low white hotel resembles a steamship. The corridors and dining room are very spacious, the latter with tile floor. Historic photos and memorabilia are all around.

Each room at the Cheung Fatt Tze is different and named. Extremely high ceilings, trunk at the foot of the bed, old-style writing desk and bathroom fixtures, armoire. Mine had a 1950s oil company map of Malaya framed above the bed. The rooms open onto a courtyard. The place is a historic monument where Indochine was filmed; hour-long tours are offered (free for guests). Indeed, much of central Penang (Georgetown) is historic buildings going back as much as 200 years. The Penang Heritage Trust can take you on a fascinating walking tour including visits to small manufacturing enterprises, craftspeople, and temples.

Enjoy Penang!