I've heard good things about the New Otani (never stayed there personally, though. Anyone?). It's located at the Diamond Head side of Waikiki, close enough to restaurants and other locales, but out of the hustle 'n' bustles of Waikiki itself, very close to Diamond Head, and right on Kaimana Beach, one of the nicest beaches in the Waikiki area.

[This message has been edited by honu (edited 11-12-1999).]