We've stayed at both, and it depends on what you like. I would choose PBH because it quieter, more beautiful IMO, and further away from the action. The boat ride to the parks is just fine / easy to access. If your desire is to be within walking distance, then HRH is a no brainer - but it can get a little boisterous at times. If that's OK with you / then great. Either is not a bad choice IMO.
Have fun!