"We stayed on the second floor closest to the over water bungalows. The room was average to good, but unfortunately a pipe burst apparently somewhere so they shut off the water for two hours mid-morning without informing us. Thankfully no one was taking a shower or doing a number 2. There also was construction noise on the grounds to repair the pipe which woke us up early the first morning. The building next to us is undergoing a complete gutting and reno, but we didn't hear any noise from that direction. It does look a little worrisome at first when you pass by it as there's plywood boarding up areas and open doorways. It's not what we expected from a $1000/nite hotel I guess.
There are convenient shuttles available to take you to and from your room if needed, but you smell the exhaust riding in the back. Staff were generally pleasant. The view from our room was good of the pool, Moorea, and construction grader. The lagoon was very nice and full of fish swimming about. The buffet and dance show was good.
Proximity to the airport and cruise port is nice. The Lotus Michelin restaurant is good but a bit pricey. Overall there's not many luxury hotels right on the water in town, and with Tahiti's popularity I guess they can charge a premium for that. In hindsight maybe staying elsewhere and just getting a day pass at the Intercontinental probably would have been equally as fine."