Update: Riverfront Red Lion Closing, Redevelopment to follow Master Plan

PORTLAND-Paul Allen’s Aegean Corp. will close its Red Lion Portland Coliseum on Oct, 31. The hotel is located at 1225 N. Thunderbird Way. It is managed by Hilton Hotels Corp.

Aegean reportedly decided the building is too expensive to operate without a major remodel. Joe Vaughn, a locally-based business development director for Allen companies, tells GlobeSt.com that redevelopment plans for the property have not been solidified.

Allen owns the hotel property as well as the development rights for much of the undeveloped portion of the Rose Quarter, a 37-acre property that includes the Rose Garden Arena, the aging Memorial Coliseum and an office building that holds several of Allen’s locally based companies.