Actually, that's probably one of the best deals around if you're not kama'aina. When they were fumigating my house, we stayed at Sheraton Waikiki for $95/night ocean view (upgrade). That was kama'aina price. $140 is the airline rate. Regular rate is over $200/night at those places.
At Sheraton, you'll have pool, beach, and walking distance everywhere in Waikiki.