Before I left for Hong Kong I was having a very hard time finding a cheap hotel room in the city. Doing research on the Internet led me to believe that if I wanted to stay in a full service hotel I would have to pay at least $200 per night for a standard room. But upon arriving I found many hotel deals, including the New Harbour Hotel. Their advertised rates are close to $200 for a standard single, but when bookings are slow I guess the rooms can be had for 400% off the regular rate. I booked this stay through China Travel Service at the train station in Kowloon.
The hotel itself left a lot to be desired. When you're used to staying in Marriotts or Hiltons you notice the smaller things, I guess. Like many Hong Kong hotels there is no pool or gym facility. Queen beds that are promised when making reservations turn out to be small singles (this seems to be the case throughout China...). The TV featured only Asian programming depite what the brochure for the hotel claims. But if you came to Hong Kong to watch TV you're probably not interested in reading travel articles.
While much of the staff had a hard time with English, they were polite and helped me figure out how to find some of the attractions on the island. You can send postcards to the United States from their front desk for only a half dollar. Though the rooms are small and unexciting, it's pretty quiet at the New Harbour. The best point for recommending this inexpensive hotel is probably its location, which is walking distance to all the sights and neighborhoods on Hong Kong island.