The top hotels in Hong Kong are excellent value by world standards; they are some of the best hotels in the world, and much better than what you would get in NYC for the same money, for example. If you have any flexibility in dates, you can often find the same room for 30% less on a different day of the week. The demand for rooms fluctuates a lot based on what trade show is in town that week. The pricing is very unpredictable (I've seen Sheraton rates higher than the Pen at times, for example -- when it should be half the price).

The big bargain in HKG is Langham Place. The hotel is new (built last year) and includes an interesting vertical shopping center. Some nice architecture and style elements, in both the public and private places. But the location is "piquant", it is in a poor district that is a bit seedy (the NYC analogy is Times Square). Hong Kong is perfectly safe everywhere, and the neighbourhood is interesting as it is different from western cities. Inside the hotel it is Pen quality but for less than half the price; however I still prefer the Pen.