Just finished a 3-day stay here, can confirm the comments. Place was brand new, everything nice and modern. Also got upgrade, room was spacious. In the middle of Kailua-Kona, everything in walking distance.
The most interesting part is booking on points is a great deal compared to the Marriott Courtyard King Kamehameha a few blocks away. The Holiday Inn is 20,000 on IHG points, vs 60,000(?) on Marriott points for the King Kam. The Marriott Courtyard is also cheaper to book paid nights vs the higher regular rate for the new Holiday Inn Express.