Here's a list of hotels that are in or near Waikiki.  If you want to throw affordable out the window here are some hotels and a google map of Waikiki:

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Hotels in Waikiki (going from west to east or left to right on the map):
Hawaii Prince Hotel Upscale hotel located at the very west end of Waikiki.  Located right on the water by the Ala Wai Yacht Harbor.  Close to Ala Moana Center and Ala Moana Beach Park.  NOT to be confused with the Waikiki Prince Hotel, the difference in price is because of the quality.  
Hilton Hawaiian Village Upscale Hotel complex with the rainbow mural facing the ocean.  Located on the west end of Waikiki near the Hawaii Prince Hotel.  They have a fireworks show every Friday and Saturday night on the beach.
Edition Hotel Upscale, hip, and trendy hotel located on the west end of Waikiki near the Hilton Hawaiian Village.  Has an outdoor movie theater, a private Sunset Beach bar in the back and home to the Sunrise Poolside Bar.  Also located here is Iron Chef Morimoto's Waikiki restaurant.
Ilikai Hotel Upscale hotel next to the Edition.
Wyndham Waikiki Upscale hotel a few blocks from Waikiki Beach near the Waikiki Parc Hotel.
Waikiki Parc Hotel Trendy hotel right by the Halekulani Hotel.  This hotel is a few blocks off the beach.  Home to the restaurant Nobu Waikiki.  
Outrigger Reef Hotel Nice hotel right on the beach.
Trump International Hotel Despite what you might see in pictures, the Trump Hotel is NOT on the beach.  It's about a block off the beach.  What you see is Ft. DeRussy Beach Park, which is part of the Hale Koa.  If you want a beach hotel, this isn't the place.  If you want 5-star service and a Trump Hotel, then this is for you.
Halekulani Hotel $$$$, in the center of Waikiki right on the beach, very busy, public and open resort with lots of people.  Best Sunday brunch and known for outstanding service.
Sheraton Waikiki Another beachfront hotel.  Located just to the left (west) of Royal Hawaiian Hotel.
The Royal Hawaiian Famous pink hotel in the heart of Waikiki, right by the beach and very busy with many people.
Moana Surfrider Beautiful hotel, historic building with newer towers, on beach.  Very busy with many people in the heart of Waikiki.  Expensive, good service and good place for tea.  
Hyatt Regency Waikiki Beach Resort and Spa Twin towers right next to beach in the center of Waikiki.
Marriott Waikiki Beach Resort and Spa Upscale hotel on the east end of Waikiki right by the beach.  See Eu-jeania's review on Eu-jeania's Picks page.
Hilton Waikiki Beach Hotel Also known as the Prince Kuhio Hotel.  Located in the middle of Waikiki, a few blocks from the beach.  Also home to the restaurant Mac 24-7 famous for the Mac-Daddy Challenge and being the only restaurant in Waikiki open 24 hrs, 7 days a week.
Pacific Beach Hotel Near the east end of Waikiki, by the beach, and home to the Oceanarium Restaurant.
Ashton Waikiki Circle Hotel A smaller hotel located on the beach that looks like a circle.
Ashton Waikiki Beach Hotel Hotel on the east end of Waikiki right be the beach.
Park Shore Hotel Located next to the Ashton Waikiki Beach hotel and right on the beach.
Kaimana Beach Hotel Officially the New Otani Kaimana Beach Hotel, located on the very east end of Waikiki past the Waikiki Aquarium.  It is the spot of the Sans Souci Beach resort which was the forerunner of today's modern beachside resorts.

Generally, a hotel on the beach is expensive.  A hotel further inland is more affordable.  If you suffering from sticker shock, here's something more affordable:
Ala Moana Hotel $$, just outside Waikiki, away from the beach, and located next the Ala Moana Shopping Center.  Very urban here.
Hale Koa $$, need to be on active duty, retired military, or have a military sponsor, and private beach.

Courtyard by Marriott Waikiki $$, service ok, away from the beach, noisy, but in heart of Waikiki.
Ohana Waikiki West $$, just checked Expedia and they have a great low price!!
Queen Kapiolani $$, good deals on rooms, amenities are modest, hotel seemed a little old, but renovations are almost complete.  Located at the edge of Waikiki, by Kapiolani Park and Honolulu Zoo.  See Eu-jeania's review on Eu-jeania's Picks Page.
Ewa Hotel Affordable hotel right in back of the Queen Kapiolani Hotel, personal opinion is the furnishings are a little dilapidated, but kitchen is capable and beds are comfortable.  See Eu-jeania's opinion on Eu-jeania's Picks Page.

The Royal Hawaiian Hotel is the pink hotel in the center.  To its right is the Moana Surfrider Hotel Westin Resort, the taller building is the new tower; the short, white boxy building is the traditional hotel first opened in 1901.  The two towers at the very right of the picture are the Hyatt Regency Waikiki Resort and Spa.
To the left of the Royal Hawaiian is the Sheraton Waikiki Hotel.  Tucked right in back of the Sheraton Waikiki is the Halekulani Hotel which is famous for their customer service.  Much further to the left is the Hale Koa Hotel and Hilton Hawaiian Village Beach Resort and Spa.   

If you want to avoid the crowds there are other hotels away from Waikiki.  A few of the notable (and expensive) hotels are:
Kahala Hotel and Resort $$$$, right next to the Waialae Country Club in Kahala.  Very nice and in a semi-secluded place, plus you can swim with the dolphins.  See what Eu-jeania thinks of this place on Eu-jeania's Picks Page.

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Turtle Bay Resort $$$$, located on the northern tip of the island.  Secluded and very nice.

Ko Olina/Ihilani Resort $$$$, isolated on the west end of the island.  Very far from Waikiki, about 45 minutes in traffic, but good if you want to stay at hotel and enjoy the resort, spa, pool, beach, and golf.  Has several restaurants featuring different cuisines.

That's the brief overview of hotels.  If you want to shop prices, check out  If you are interested in staying longer or not staying in a hotel, check out Home Away for several vacation home rentals.  Costco is on the island if you want to stock up your rental with supplies!