Hexagonal HoMnO3, a two-dimensional Heisenberg antiferromagnet, has been studied via inelastic neutron scattering. A simple Heisenberg model with a single-ion anisotropy describes most features of the spin-wave dispersion curves. However, there is shown to be a renormalization of the magnon energies located at around 11 meV. Since both the magnon-magnon interaction and magnon-phonon coupling can affect the renormalization in a noncollinear magnet, we have accounted for both of these couplings by using a Heisenberg XXZ model with 1/S expansions [1] and the Einstein site phonon model [13], respectively. This quantitative analysis leads to the conclusion that the renormalization effect primarily originates from the magnon-phonon coupling, while the spontaneous magnon decay due to the magnon-magnon interaction is suppressed by strong two-ion anisotropy.