Hollywood Bowl has announced via their Facebook account that the 48-lane bowling alley will be closing after 50 years on May 18, 2014. 

The closing does not come as a complete surprise: The building housing the bowling alley was placed on the market by its owners in July 2013. Nonetheless, the alley still had over eight years left on its lease, according to documents posted by brokers Capital Pacific

Capital Pacific's documents also state that the bowling alley was paying rents below market value, and declares the property "ideally positioned for a future re-development."

"We have a concrete lease through 2022. We have plans to be here for a long time." Hollywood Bowl general manager David Lemke had told the Oregonian in 2013.

"Plans change when the offer is right," the bowling alley commented on the Facebook account attached to Lemke's email address. 

Here's the relevant part of the announcement by the Hollywood Bowl:

As of May 18, 2014, Hollywood Bowl will cease operations as a bowling center. While we are sad to leave behind a supportive community, we are truly excited about the opportunity that this provides us to make significant capital investments into our PinbusterZ Family Fun Center brand. We are firmly committed to improving the sport of bowling by continuously finding unique and innovative ways to capture the attention of families throughout the metro area. With that said, we are very proud to announce the coming addition of Brunswick GS-X Pinsetters, Brunswick Sectional Seating, Qubica AMF Scoring, a Full-Service Sports Bar, as well as other significant capital improvements to our PinbusterZ location at 164th & Powell Boulevard.