Honestly, you're not coming here for luxury. If you want that, go to the Excelsior down the street. You come the Hong Kong King's Hotel because it's a place to sleep it off after a night in Wanchai, and because it's fairly close the Hong Kong Stadium. I don't know from experience, but I'm told that if you pick up a female visitor in Wanchai, you can bring her back to your room without any problems.
The bed was very hard, the food is not that great, and it's only about a 7 of 10 on the cleanliness scale. HOWEVER, it's cheap, it's just close enough to walk to everything you want to get to, and there is a bed and shower ready to go. You don't come to Hong Kong just to stay in your hotel room all day, anyway.