This is a small hotel, located near the convention center in central and by walking distance to the MTR.
When I arrived the upgraded me to a newly remodeled and a harbour view room,the room was "big" for HK standards, but the bathroom was small, very clean though.
Is also very easy to get transportation to-from the Airport, take bus to central and get off at the Malasyan Air office, the hotel is just around the corner.

We stayed for 2 nights at this hotel and found not only the price good value for money but the staff and room great too.
Our flight got in very early in the morning and even though check in isn't till 2pm, they gave us a room at 8am.
The hotel is near the star ferry and MTR station, so a great location. It is also a short walk from the exhibition centre, where the free Airport Express bus stop is located.
Our room was comfortable and clean with a great harbour view for approx £60 a night. The bathroom was very tiny but clean and with a great shower!
The only thing i can complain about is that the half room rate (from 12 midday till 6pm) was nearly £30!
If you are going to Hong Kong, i would definitely recommend this hotel.

This hotel is part of the YMCA group and is about 10 minutes walk from the underground train station and Star ferry.
We were a family of 2 adults and 1 child and with an extra foldaway in the room space was a bare minimum.
Staff are extemely friendly and efficient and always eager to help or answer any queries.
Breakfasts are buffet style with an enormous choice.
The hotel is in Wanchai (Red Lght area) but situated in a quiet zone.
Only critricism is that there are not many restaurants in the vicinity- 10 minutes walk to high traffic areas.
Families will not be hassled by ladies of the night and Hong Kong is generally safe even in this area.

Thoroughly recommended

Stayed here for two nights this past weekend and thought it was a good value for the price. (They upgraded me which also helped.) The hotel is very close to the MTR as well as the Wan Chai Star Ferry. (~10 min walk to both)
There is a buffet breakfast offered in the morning but I'd skip it. It's not really worth the price you'll pay. You're better off holding out for dim sum elsewhere.
Also, if you don't mind some exercise, you can walk to many of the major sights in HK Island from the hotel. I didn't take the MTR at all on my first day but made it to Victoria Peak, Central/Mid-Levels escalator (and surrounds) then just took the Star Ferry over to Tsim Sha Tsui.