I recently went to Hy's steakhouse in March and again in April. It is conveniently located in Waikiki, close to all the action. It is tucked away in a hotel, has been a Honolulu icon for ~ 3o years. As you enter, you would think you are in an old San Francisco icon. The dark wood and library feel are not typical Hawaii, but has great ambiance.
The food and service are impeccable, whether you have steak, lamb or prime rib. It is definitely worth the short walk from Kalakaua Ave. and although pricey, is well worth it.
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