Ocean Resort Hotel Waikiki

The rooms here are not incredibly elegant, and you're not likely to get an impressive view of the beach, but for price and location this hotel is quite good. Whereas most hotels along this stretch are quite expensive, a room for two at the Ocean Resort should only cost around $80. If you are really desperate to save money, you can cram four people to a room and have two people sleep on the floor somewhat comfortably.

As mentioned before, the location is very good. It's only a block or so to the main strand along the beach. If you are going to be out of the hotel and enjoying the sun for most of your stay here anyway, I think the relative lack of amenities in the rooms shouldn't prove too troublesome.