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Apart from your budget, you should think about where you'd like to stay in HK. The two major areas for hotels are Central (on Hong Kong Island) and Tsim Sha Tsui (in Kowloon), two other alternatives are Causeway Bay (HK Island) and Mongkok (basically the new Langham Hotel, deep into Kowloon).
Benefits of staying on the island side: good shopping, good eating, close to nightlife (Lan Kwai Fong, SoHo), closer to sights on the island (Stanley Markets, Aberdeen, the Peak), good access to the Airport Express. Downsides are the cost, and the view isn't as good.
Benefits of staying in Kowloon: spectacular view of the HK skyline (which is on the island) and Kowloon sights (museum, arts centre). The Peninsula is in Kowloon. Downsides: more touristy, shopping not as good.
As accommodation is generally pretty expensive in HK, this will dictate recommendations. The recently-opened Four Seasons on the island is the absolute premium hotel right now, with over 90% occupancy. The new boutique Mandarin also gets great reviews for it's rooms, however, it doesn't have a view.