Hawaii Prince Hotel Waikiki is where I stayed last weekend when I was in Honolulu. It's in a good location if you want to be close to the Ala Moana Shopping Center or the downtown area. It's right at the edge of Waikiki next to Magic Island, Ala Moana Beach park and the Marina. The view from my room was of the Marina and the surfers beyond.
While you're not in the center of the Waikiki action, you are just a short distance away by foot or public transportation. And the hotel offers a free shuttle to drop you off and pick you up at a variety of locations in Waikiki. How much nicer than having to fight traffic and find a parking garage that's not full.
There's a Red Lobster, Outback Steakhouse and the Chart House in the same block as the hotel. Crazy Shirts is just across the street as is McDonalds.
I usually stay here when I spend time in Waikiki and the staff has bent over backwards to be accommodating. I love staying here. And no, I don't get a kickback from the hotel! Just a happy customer.