The owners have done an excellent job with the renovation of this condo. The decor and facilities are far superior to other properties that we have stated in at Kona Ali'i. Air conditioning in the bedrooms was also highly appreciated.
The complex itself is in an excellent location, we did a quick Target run on the way into Kona and then left the car parked all weekend. There are lots of excellent restaurants within walking distance - we like Island Lava Java for breakfast, and Kamana Kitchen offers great Indian food if you are looking for something more exotic.
In terms of noise, although there was some loud music Friday and Saturday night from the nearby bars, we found that this wasn't so loud to interfere with sleep, and actually things got quiet earlier than we expected. We would highly recommend Punahele Penthouse and look forward to staying there again in the near future.