The Fleming: New Hong Kong heritage hotel pays homage to Star Ferry
http://edition.cnn.com/travel/article/fleming-hotel-hong-kong/index.html
I've heard that travellers who used to visit Hong Kong many times would choose cheaper hotels in Shenzhen. That's because it's cheaper than staying in similarly graded hotels in Hong Kong, even if we consider transportation fare.
To make difference, it will be necessary for old hotels in Hong Kong Island or Kowloon to think about how to renovate them.