My girlfriend and I booked this hotel at the last minute for a stay in June 2012. It was a mistake for the reasons described below.
We paid $176 U.S. dollars (which is much more than we are used to paying for a hotel) and were expecting something nice based on the website and the price we paid. When we arrived, however, the lobby was the nicest part of the hotel. The rooms and hallway were dark and musty smelling. The room itself was clean and generally fine (expect for smell, or course). The bathroom was clean, but the shower head was on a sliding pole meant to allow adjustable heights and kept sliding down to the bottom.
Also - while we did not notice too much because we were on the 17th floor - the hotel is located in somewhat of a "party" zone of Hong Kong, at least on the weekends (we stayed there on a Saturday night). There is a row of bars stretching for several blocks right off one side of the hotel. I found it interesting to watch the chaos, but suspect that others would not like this type of scene. On the upside, the buffet breakfast that is offered in the basement, for $9.00, is good.
In the end, for nearly $200.00 we expected a lot more. If we ever get back to Hong Kong and want to stay in Wan Chai again, I will look elsewhere. The Empire Hotel was a bad value in my estimation and needs to take care of its mustiness problem.