Hate it when people come here and say they want something cheap, etc. Please, OP, tell us how cheap you want it. One person's cheap is another persons expensive.
First of all, you really won't find anywhere in central "cheap" unless you want to stay in a by the hour hotel (in which case they will kick you out at the end of the night).
Some options for you:
- Bishop Lei is fine, Its about 80-100 pounds a night for a standard room. Pay a bit more and you can get a suite. This is a lot nicer, I think you pay about 20 pounds more a night for that. However prices do vary depending on when you want to stay. Location wise, its about 5 mins walk from the escalator.
- The Butterfly on Wellington is a good spot. Its a boutique hotel and a very good location for you. I think its a bit more expensive than Bishop Lei though.
There are a bunch of hotels in Sheung Wan / Sai Yin Pun (sp?) which are pretty good for the price. Easy access to central by bus / taxi / tram.
- The Ramada in Sheung Wan is cheap, but also nasty. Rooms look like the shining. For a week you can get a room there for about 400 for a week.
- The Island Pacific hotel is nicer than the Ramada. Decent sized rooms, about 500 pounds a week.
- The Courtyard Marriott is very nice, about 130 pounds a night.
- The Traders also nice, bit cheaper than the Marriott, at about 100 pounds a night.