If you're looking in that price range, check out what you can get at the Queen Kapiolani. Its basic but if you get an Ocean View (and sometime Diamond Head View) room you get the best view in Waikiki. Straight out over Kapiolani Park to Diamond Head and the Ocean.

Note: I'm a little suspect of Tripadvisor reviews, when I stayed at what was rated as their #1 property in Waikiki I got a tired, stained room with bedbugs.