The historic Manoa Valley Inn is for sale.

Owner Theresa Wery bought the bed-and-breakfast in 1998 and has operated it since, delighting guests from around the world with a taste of old Hawai'i in the heart of urban Honolulu.

But Wery, a longtime bed-and-breakfast operator, says she wants to move back to Kaua'i to be with family. So about three weeks ago, she put the inn on the market for $4.2 million.

To sell quicker, she recently dropped the price to $3.95 million.

"I just want to focus on my family and move on," Wery said.

The inn was in the news after the earthquakes of last October.

The temblors shook the inn so violently that its chimney collapsed. The inn's roof and water pipes also were damaged in the quakes. Wery said the damage has been repaired.

There is some concern in Wery's neighborhood about the sale of the inn.

Wery said some of her neighbors are worried a new owner will tear down the historic property or turn it into a bigger commercial endeavor. But Wery said most of those in Hawai'i and on the Mainland who have expressed interest in buying the inn say they want to keep it much the same. Some even want to buy it for a family home.

The inn, at 2001 Vancouver Drive, is listed on the National Register of Historic Places.

In 1995, Malama o Manoa recognized the bed-and-breakfast as one of several businesses or cultural organizations that have contributed to the unique character of the community.

Wery paid $1.34 million for the inn when she bought it in 1998 from a Japanese corporation, Nakamitsu Hawaii Corp. Nakamitsu had purchased the property in 1990 for $1.8 million.

The inn, restored in the late 1980s, has seven bedrooms. It also has a cottage with an eighth bedroom. For guests, its main selling point is its proximity to cultural attractions, shopping, beaches and restaurants — while still feeling like a Hawai'i home, not a Waikiki hotel.

"It's a perfect bed-and-breakfast because it's close to everything," Wery said.

Wery charges $132 to $190 a night for her rooms, and she said her rates have not increased in years. She serves a continental breakfast to guests, but said a new owner could apply for a permit to serve hot food prepared in the kitchen.

Reach Mary Vorsino at mvorsino@honoluluadvertiser.com.