Mong Kok Vacations from $310

It's better than I expected as it is a new building and actually quite close to 2 MTR stations.

Great central location. Near a very good cafe (Espresso Alchemy) in the mall, good shopping and good restaurants. Not too far from the waterfront and night markets. Yes, you are staying on a busy walk-only street with open air bars, but no one is overly pushy. And the one next to the hotel is nice and not too loud. I also didn't hear any noise from them during my stay over a weekend. I've read a lot of reviews about the big hill you need to walk up: There are alternate less-steep routes to get there with bags, or stairs, or even an escalator to get half way there - just do a bit of scoping out on Google Maps first. The hotel is tucked away and relatively small - but there's always a 24hr security guard at the door, and 24hr desk for queries. No in-room coffee machine, water or minibar was a bit of a drawback, but otherwise the room was spacious and my stay was enjoyable (solo traveller).