This is a very nice hotel. It is obscenely over-priced but so are the rest of the hotels in Waikiki so you won't find better value elsewhere.
We were on honeymoon in Hawaii and were given a free upgrade to a corner room and were very pleased with a very clean and well equipped room and a nice balcony. Staff were cheerful and helpful and (crazy techno music in the elevator aside) we cannot fault the hotel.
It is about a 10min walk from the main drag of Waikiki which was nice for us as it gave a good chance to walk off heavy dinners and was a little quieter. There is also a very nice view of Diamond Head.