A tip from my fellow Class of ‘94 Huron River Rat Susan:

I posted a message to the Princeton Traveler’s group and I got strong
recommendations for the YMCA Salisbury:

http://www.ymcahk.org.hk/sales/html/hst001e.htm

It’s in the $100-$130/night range and appears to be very close by. The
family suites are pretty much taken, but it seems that they still have
some availability for single/double rooms.

We’ve always heard good things about the Y as well, and it is very close by indeed …