Awesome place. Good view and clean condition. I stayed there with my wife so the room was spacious enough but I think the family with two kids won't be a problem.
The parking's a big plus if you rent a car, it's hard to find a parking place in Waikiki. We always rent a car in Hawaii, however If you don't wanna rent and just stay in Waikiki, it doesn't matter 'cause there's lots of store and restaurant, beach within 5~10 minutes walk.
The room was clean and had almost everything you need. Fully equipped kitchen and something else like umbrella, beach chair, towel. Didn't use it, but laundry machine can be very useful.
So...if you ask me I'll definitely stay here again.