New investors have approached the Port of Astoria about leasing the Astoria Riverwalk Inn, promising to pay off $350,000 in debts and pump $2 million into renovation.

William Orr, the president of Signature Seafoods in Seattle, who is from Astoria, would manage a partnership that would include Chester Trabucco, the developer behind the Hotel Elliott.

The new suitors are among several interested in the potentially valuable Uniontown property.

Ganesh Sonpatki, a Portland hotelier, has claimed to have a contract to take over the inn. A Marriott group may also make a pitch.

Kruparao Kancharla and his family, who own a restaurant and adult foster care homes around Astoria, had stepped forward to operate the inn. But Jim Knight, the Port’s executive director, said today that the Kancharla family has withdrawn after getting a closer look at the inn’s finances.

The Port has moved to terminate the lease held by Brad Smithart, the operator, who has fallen behind in payments to the Port, the city and Clatsop County.

The Port’s Board of Commissioners has scheduled a special session at 5 p.m. tonight to hear proposals.

“I think that they will understand what are the immediate opportunities of outside people wanting to come in and take over this hotel,” Knight said of the public meeting.

Orr, who graduated from Astoria High School and the University of Oregon, said he remembers the inn when it was the Thunderbird and Red Lion.

“When I was a kid it was the place to go,” said Orr, who leads a salmon processing and sales company. “And there’s no reason why it still couldn’t be among the top hotels in Astoria. The location — you can’t beat it.”

Orr and Trabucco described the potential for a marina village, with the Riverwalk Inn part of a string of Uniontown properties like the Cannery Pier Hotel, Bridgewater Bistro and Holiday Inn Express.

The Port property, which is now underused, could be redeveloped to help connect visitors and cruise ship passengers with the Riverwalk, the Astoria Riverfront Trolley and downtown.

Other suitors have talked about the Riverwalk Inn more as a budget hotel.

“I think it’s the last iconic property that hasn’t been addressed in Astoria,” Trabucco said.

Trabucco’s name surfaced earlier in connection with the Riverwalk Inn, but the developer had said his group was no longer interested after it appeared other contenders had a contract.

Orr and Trabucco are seeking a new, 10-year lease for the property, with three 5-year renewal options. The partnership is also interested in the site of a former restaurant, lounge and coffee shop.

Orr and his wife, Sara Fulton Orr, would hold majority ownership interest in Astoria Hospitality Ventures, according to a letter of intent delivered to the Port last week. Fulton Orr’s brother, Stephen Fulton, serves as a Port commissioner.

Stephen and Karen Allen, the couple behind the Wet Dog Cafe, Astoria Brewing Co., and Pier 11, are also interested in the project.

The partnership has set aside $350,000 to pay off any debts related to the lease.

The letter of intent indicates the partnership would invest a minimum of $2 million to stabilize the hotel and then significantly upgrade the grounds, rooms and exterior facade.

“This is probably a project that I wouldn’t do if it weren’t in Astoria,” said Orr, who said the city where he grew up has “a special place in my heart. I’d like to do something local in Astoria.”