You aren't gonna find anything cheap, not with the influx of people going to HK from mainland in train loads. They've pretty much raised the rate on everything, especially hotel rates.
If you want to save money try to find a hotel in someplace like Mongkok. The subway and star ferry make it so it's easy as hell to go back and forth between the main stops.
--edit--
I stayed at the Marco Polo Gateway in Kowloon. I think I spent somewhere around $100 a night. And they bumped me to a deluxe for free. Not a bad price for a 4 star hotel imo. You might want to check the Marco Polo hotels out.
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