Will it be better to go there via mtr or taxi, from hollywood hotel to victorias peak with my wife and two kids?

It is better to go via MTR for the taxi fare would be very expensive. The hotell has free shuttle bus that can take you to the MTR station. Then you can take MTR to Sunny Bay. Then change to Tung Chung Line to Hong Kong/Central Station. Walk to Central Pier 5 and take bus 15 to the Peak. Or take bus 15C to Peak Tram station and then take Peak Tram up to the Peak. It costs 24HKD per person and half a hour on MTR train. It costs another 9.8HKD to the top of the Peak. The peak tram is 22HKD for single trip, 33HKD for round trip.