My boyfriend and I stayed at Dana's place within the Hawaiian Monarch hotel. The location is great and is within walking distance (approximately 1 mile) from Ala Moana as well as other shopping centers, restaurants, and lots of tourist destinations, and within this particular room, the panoramic view is amazing. We particularly loved the Maleko Bakery downstairs on the same floor as the lobby. The owner bakes homemade pastries for the morning and makes pizza at night -- though we only tried the breakfast offerings namely the delicious scones, muffin, and drip coffee.
If you want to venture outside of Waikiki towards areas like East Oahu and the North Shore you should definitely rent a car. Our friend who also stayed in the Monarch paid $75 for 3 days of parking with in/ out privileges.
One thing to keep in mind is that while Dana's condo is newly renovated and stylish, the entire building is much older.