I have stayed at both and liked both, but preferred PBH better. The service there was wonderful, it was very quiet, which made it easier to sleep at night. The beds were fantastic. At HRH there were al lot of people in the hallway at late hours (11-1), and a lot of children being loud in the hallways. No big deal to me, but I am a light sleeper.
The PBH is a very friendly hotel to me, and beautiful is an Italian sort of way. The rooms are very comfortable. With the PBH being cheaper, I think you would be getting much more for less money.