That's true about the Bus, but in case you just want to stay close, or don't want to figure out bus routes ...
I stayed at the Ohana East once (and hated the teeny bathrooms and showers). But it is in the thick of things. They have some deal with thePink trolley, for free rides, but I'm not sure if you have to book a certain package to get that. I would call the hotel and ask if you're getting that; if not, you can still take it, just costs a little. The trolley is easier in some ways that the Bus because all it does is go around in a loop to Ala Moana, IIRC. btw, easy variety of affordable eating at Ala Moana.
If you check out this link to the Ohana East Tripadvisor review page:
http://www.tripadvisor.com/ShowUserRevie...awaii.html
Click MAP on the left menu for a Google Maps shot with a marker for the hotel, NOT Map this Hotel link, which is Expedia and crappy.
You can zoom all the way in and put it on hybrid view to see the area up close.
The hotel is at 150 Kaiulani. It's quite close to the Moana Surfrider if you walk towards the beach. It has some restaurants, probably not cheap!
If you post a query on the TA Honolulu forum for places to eat within two blocks, there are enough regulars there who stay right in that area to where you should get names of restaurants.
http://www.tripadvisor.com/ShowForum-g60...awaii.html
When it comes to dinner, DON'T do as we did, try to find something on the fly walking back from the beach. I remember walking until I was quite footsore, unable to decide, with vague ideas of some names but not knowing where they were. I would look up the restaurants in a walking radius (for your situation) and take the names, addresses, phone numbers with you.
We ended up having nothing but the Burger King across the street, after having walked for blocks and not finding something that appealed, but then it was a special occasion and I was being picky. Result, no dinner! The breakfast place next door to the lobby is nothing great. The hotel might give you a coupon for it though.
Anyhow, after that experience, I wished I had figured out a nearby restaurant before I got there.