The merry-go-round of Waikiki businesses and restaurants can sometimes leave one perplexed: That restaurant we enjoyed last year, last month, where did it go?

Such might be the case with Okonomiyaki Chibo Restaurant. This summer it moved from the Royal Hawaiian Center, where it had served locals and visitors for 26 years, to a few blocks away on Beach Walk. Patrons of Bills Sydney, the Australian eatery, might recognize it as the former downstairs cafe site.

The Japan-based chain has about 60 restaurants in Japan, as well as franchises in the Philippines, Thailand and Vietnam. The Waikiki site is the only Chibo in the U.S. Just another example of “lucky you live Hawaii.”

The experience

What Chibo offers is good food, fair prices and an elegant setting. Although the new restaurant is smaller than the previous site, it has the style and grace that one would expect from a Japanese establishment. The site is long and narrow, with a long white bar down one side, and a backdrop of colorful liquor bottles, with a few tables on the other side. During “early” happy hour (more on that below), it was inviting.

It’s decorated in an elegant, slightly industrial style, typically understated in that Japanese way, with no TV screens to jabber at you and take your attention away from the food and companionship. We visited just before Halloween when other establishments tend to go to extremes with decorations, but Chibo had just a few references to the event. No tricks, but quite a treat here.

About that happy hour. The officially posted happy hour at Chibo is 4:30-6 p.m. daily, but manager Gerald Chun said if you go in between 9 and 10 p.m. and ask for the happy-hour menu, they’ll honor the prices listed on the pau hana menu. “It’s a well-known secret,” he said, and I’m sure anyone in need of a snack or light meal at that hour would appreciate it.

The food

Chibo specializes in okonomiyaki, the savory eggy pancake concoction, but the happy-hour menu doesn’t have any of that. Instead, there’s a nice variety of dishes, some common like edamame ($5) or poke ($8), and some rather exotic, like Sardines with Garlic Butter or Joyu Tofu (both $5). Prices are $5, $8 and $11, so you it’s easy to keep an eye on your budget.

The food here was uniformly excellent. There were, however, some standouts.

Certainly one of the best was the Crispy Gyoza at $8. This was not just some off-the-shelf dumpling that had been dumped into a vat of hot oil. The skin — always the test of good gyoza — was a delicate flake, almost like a single layer of baklava. You didn’t want to dip it in sauce to get it soggy, and you didn’t need to. The filling was a subtle but satisfying combination of meat and chives which reminded me of the kind we used to make at special family gatherings.

The hamburger steak ($11) was a pleasant surprise, not only for the flavor — tastefully teriyaki-inspired — but for the appearance. Upon arrival my first thought was that it was going to go down like a put shot; it seemed massive. In fact, the meat was very loosely packed, so it went down light and easy, and was not over-filling.

I didn’t know what to expect of Sardines With Garlic Butter when I saw it on the menu, but once I saw it on the plate and tasted it, I found it was worthy of its place, with the sardines taking on just enough buttery taste to please the palate.

Look for specials that are not restricted to happy hour, but will be listed on a chalkboard behind the bar, priced in the same range as happy-hour items. I tried the steamed clams, which were excellent.

The drink

Happy-hour drinks are well and simply priced. Well drinks are offered at $4. House wines are $5. Bud and Sapporo drafts are served in two sizes, 16 and 22 ounces, at $3 and $5.25 (a savings of $3 to $4.25 over regular prices).

The 22-ounce beers come in tall, skinny mugs. Maybe they keep in the cold or the flavor better than a typical beer; mine seemed to stay fresh as I sampled multiple plates.

The verdict

Chibo has been around for 26 years, for good reason: The food is delicious and satisfying. Where the original restaurant was dark and old-fashioned, this new location is modern and chic.

The double happy hour makes it especially attractive. Whether you’re in Waikiki early or late, you can get a fine meal at a good price at Chibo.