Originally Posted by
reinmedia
The Sheraton Princess all the way!!!!^ ^ ^
The Holiday Inn isn't that great of a hotel to begin with, and it's located near the Zoo at the end of Waikiki. The Sheraton is a great hotel with a wonderful location. I suggest you stay there for your entire trip and enjoy yourself.

Are you speaking of the Princess Kaiulani? That is not a great hotel by any stretch. Quality wise, it's probably on par with the Holiday Inn, just its location is closer to the center of Waikiki - but not even close to the beach. It's used as a tourist class hotel for Japanese tour groups.
If the OP would like to post the specific travel dates, perhaps better accomodations could be found. Priceline could deliver a resort or 4* property on the beach for about 150/night while Hotwire would be about 40 or so more per night.
If the overall hotel quality and location are more important than the room/view, you might consider the Annex wing at the Sheraton Waikiki - no view, but cheap rates and you're right on the beach in a deluxe hotel with all the amenities.