We booked the Hotel Monaco downtown - something a little different since we'll have our teenagers with us (also attending PJ). I like Portland's downtown, plenty to do. Am pretty sure the yellow MAX line runs close to the downtown hotels and gets you to Rose Garden in 10-15 minutes, so seems easy enough.
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this.
or jupiter hotel. it can be walked if you don't mind about 15 minutes, or a quick cab ride.
either of those options are better than anything in the lloyd area as far as things to eat and drink, or really anything beside going to the mall.