A gym that has been on the corner of Punahou and Beretania streets for more than 40 years reopened last month as Volcanic Climbing and Fitness.

The longtime fitness center at 1212 Punahou St. has a new attraction: an indoor rock-climbing wall measuring 2,500 square feet.

The new owners — an investor group from Japan represented by venture capitalist Marshall Wells — are hoping the new addition will attract previous members as well as a younger generation of fitness enthusiasts. The new gym also has a cafe, with healthful offerings such as the popular acai bowls.

"So far all the returning members who have come back are ecstatic about the improvements we’ve made," Wells said. "Some of the improvements we did do are things that haven’t been done in 30 years."

The new owners invested around $300,000 in new gym equipment and renovations that include resurfacing the pool, remodeling the locker rooms and adding a yoga room, Wells said.

The former Punahou Fitness Center, one of a string of gyms in the location in recent years, closed after mounting losses on March 1 after 2 1⁄2 years in business. Prior to the closure, the club had about 700 members, including about 500 who paid for yearly memberships.

Wells said he provided discounts from $100 to $400 a year based on how many months existing members had paid.

"We wanted to open the gym with a good vibe, and we wanted to get those old members back," he said. "We wanted to do the right thing, basically, and help those members out who lost money on their previous gym. (But) it wouldn’t be feasible to have people come right back and not pay anything. It would not work."

Current membership has already grown to about 300 members, more than 100 of whom were previous members from the old gym. The new facility charges between $89 and $99 a month, Wells said. The 10,000-square-foot gym’s amenities include a swimming pool and spa, Jacuzzi, ice plunge, steam room and sauna.

Yoga classes are included with the membership, Wells said. The mix of older and younger members is working so far since different groups use the center at different times, he added.

"Older members come between 7 a.m. and will leave by noon," he said. "At around 1 p.m. or 2 p.m., you get the younger crowd who will stay there until 10 p.m., so it works perfect. It’s a different club at night than it is during the day, when it’s real quiet and relaxing."

The center, which originally opened in 1974, has seen a dramatic increase in competition from larger chains such as 24 Hour Fitness as well as smaller, outdoor "boot camps" and Crossfit training warehouses.

Wells has described the new amenity as an "aggressive indoor rock-climbing wall," which is situated in a space that can be adapted for something else in the future when the trend subsides.