The Ibis hotel in North Point on Hong Kong side is a brilliant hotel for the money you pay and I do not think you can get much better.
It costs approx HK$300 + tax for a room without a sea view and HK$400 + tax with a sea view.
The rooms are very clean and fairly well decorated. Comes with satellite TV and your own bath room. The rooms are very small but they are well equuipped and sensibly designed.
There is a really good and friendly cafe called the Delicatessan nearby which serves Chinese and western food (they have English menus). If you come out of the hotel, turn right and it is 2 mins walk straight down Java Road.
MTR is very close and easy to get to. There is also a ferry service which takes you to Hung Hom.
This hotel is very good value for money. I would not hesitate to reccommend it.
Mad Dog