You will be really pushing the budgetary boundaries on $USD80 per night in Hong Kong, unless you opt for something like the YMCA or something similar. Hong Kong hotels are now quite expensive and even forward bookings sometime in advance are not all that heavily discounted either.
Last year 39 million people visited Hong Kong, 29 million of them from Mainland China, so that will give you some idea of the pressure on Hong Kong hotels.
I would be looking at around $USD100 a night. In places like TST $100 a night might not be enough. Mongkok on the Kowloon Peninsula and the Western end of Hong Kong island would see you get quite nice accommodation for around $USD100 a night.
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