I happen to be using both my free nights at the St Regis Princeville, but would like to put in a word for the Royal Hawaiian, if that makes sense.
It is a myth that all of Oahu is a concrete jungle. The best beach I visit in Hawaii is Kailua (where Obama goes each Christmas - and he's Hawaiian). Windward Oahu in my opinion is the most beautiful part of Hawaii - and it's a one hour drive from Waikiki.
In addition, the Royal Hawaiian is a special, romantic property mainly because of the garden and the verandahs facing it. The St Regis Princeville is a rather sterile multi-storey hotel.