Alan's Penthouse is just 2 minutes away from the Waikiki beach. My family and myself stayed in Alan's penthouse for three nights and we loved how the location was close to all the Waikiki actions. You can get nice coffee in the morning in the Kai Coffee Hawaii located across the street at Hyatt Regency.
2 Things to consider about the property:
1) Parking spot is tight. If you plan to rent a large SUV, think twice if it's really necessary. We had Chevy Tahoe reserved but took Alan's advice and changed to VW Passat. When we saw the parking spot later we were glad we didn't rent big SUV.
2) Given the location of the penthouse on top of the building, there are noises of elevator room especially notable at night when everything's silent. Also, garbage trucks picking up garbage at early in the morning can wake you up if you are sensitive to noises and jet lagged.
These are minor issues though, don't get me wrong. Great location and the view from lanai overcomes it all.