Prices are not as low as they were when the hotel opened in 1923, but starting at $139, they are a long way from the rates at the island's two big luxury hotels.

With 10 rooms, the Hotel Lanai is what the trade calls "intimate," especially so here, since the walls are plywood.

The veranda overlooks the town, as before, but a new feature is the Lanai City Grille, under the direction of Maui celebrity chef (Haliimaile General Store, Joe's at Wailea) Bev Gannon.

After closing for a month for renovations, the hotel is operating now, but its grand reopening will be Friday through Sunday. Lanai City Grille opens Friday with a special four-course meal, with money raised going to benefit Lanai High School.

In May, the hotel was sold to Lanai Hospitality Partners LLC under the direction of Mary Charles, Tom Kiely and Michael Charles.

For decades, the tiny hotel was the only hostelry on the tiny island, and its porch was a place for locals and visitors to talk story. That has been retained.

Kiely says the hotel's thin walls are not that different from what you might find in a bed-and-breakfast establishment.

"I was in one on the Mainland recently," he said. "It had a connecting door, and I could hear everything."

Gannon's introductory meal, with wines and cocktails, will cost $95.

The following two days, Saturday and Sunday, are "Lanai-Tai Weekend," when guests can enjoy the classic taste of the Lanai-Tai and dine at 25 percent off of the regular-priced meals. Polihua will perform under the stars on the outdoor dining lanai.

The hotel and an adjacent cottage were built for pineapple pioneer James D. Dole, who used it as a retreat for company executives. As refurbished, it retains its traditional yellow color with white trim.

The rooms are described by the new owners as "simple without sacrificing comfort or style." There are three accommodation options, from $139 to $229.

Kiely and the Charleses say: "Ono kahi ao luau me ke aloha pu kekahi" (a single serving of taro is delicious if seasoned with affection).