In 1955, Matson Navigation Company tore up the 'Āinahau estate for the development of the Princess Kaiulani Hotel. Pictured in the background is the Moana Hotel

'Āinahau was the royal estate of Princess Victoria Ka'iulani, heir to the throne of the Kingdom of Hawai'i. Located in Waikīkī, the 10 acre (40,000 m²) estate was deeded to the toddler Ka'iulani by her godmother, Princess Ruth Ke'elikolani. Archibald Cleghorn, Ka'iulani's Scottish father and former royal governor of O'ahu, built a two-story home on the estate. It was furnished with two grand pianos, elaborate brocade chairs, gold and glass cabinets and fixtures. Also, there were various art collections displayed on the walls and rooms. From 'Āinahau, the Cleghorn family would entertain Hawai'i's prestigious social circles.

Cleghorn collected flowers and trees from all over the world, planted in various gardens on the estate. A stable was built for several horses, including quarters for Ka'iulani's prized pony. 'Āinahau was made famous in later years for its many peacocks that roamed freely on its grounds. Ka'iulani would be called the "Princess of Peacocks" in legend.

Ka'iulani became mistress of 'Āinahau at the age of 12, upon the death of her mother Princess Miriam K. Likelike. As mistress of 'Āinahau, she grew fond of the company of the Scottish poet and author, Robert Louis Stevenson, who stayed at 'Āianahau over the course of Ka'iualani's childhood.

What was once the entrance of 'Āinahau is today the site of the Princess Kaiulani Hotel, built by Matson Navigation Company, owned by Kyo-Ya Company Limited , and operated by Starwood Hotels under the Sheraton brand. Across the street on Kalakaua Avenue is the Moana Hotel which had just been built towards the end of Ka'iulani's life.