thanks for all of the advice. I am going to stay at the Sheraton that I have booked for $139. I can't wait!!!!!!!!!!!

Good decision, however ...
 

No problems with the Sheraton PK, I'm sure you'll enjoy it.

However, I was perusing Orbitz with your dates and found 3 hotels worth considering, all at close to your price.

1 - the Ilikai is on Orbitz for $140/night. This is a great rate for a very fine hotel. Not far to move from the HI, either. Lovely views overlooking the marina. 2 -3 minutes walk to the beach in front of the Hilton Hawaiian Village. A decent restaurant.

2. - at the other end of Waikiki is the New Otami Kaimana Beach Hotel. Right on the beach in a secluded area. Very nice service. Two very good restaurants, one upscale & one casual. Orbitz shows $151 for your dates.

3. - if being at the extreme ends of Waikiki is not to your liking, Orbitz shows the ResortQuest Waikiki Circle Hotel for $147. Right smack in the middle of Waikiki, right across Kalakaua Rd from the beach. Rooms (& especially bathrooms) are smallish, but this is a very cool little hotel.

I almost feel bad about muddying the waters. The Sheraton PK is certainly going to be more enjoyable than the HI, but if you could spring $15 or so a night more, all 3 of those mentioned above are more than worth it. The New Otani or Ilikai will both be more upscale and have a more relaxed atmosphere than the Princess Kaiulani, but they are farther from the restaurants, shopping, etc. Can't get much closer to the action than at the Waikiki Circle, however. Check out reviews & aerial photos here: http://www.wizardpub.com/oahu/oahaerials.html

Just noticed over in the MR Hotel forum there is a deal at the Princess Kaiulani for some Spring Break dates in April at $113 all in. You might check availability for your dates too. Here is a link to the thread