The Coliseu has witnessed various changes in leadership, with António Santos Júnior and Ricardo Covões assuming directorial roles during different periods. In 1994, a major renovation project was undertaken to modernize the hall and stage, ensuring its continued relevance as a premier venue. The Coliseu's historical and architectural value led to its designation for preservation in 2006, with the inclusion of the building in the Special Protection Zone for the Castle of São Jorge and its surroundings.

Architecturally, the Coliseu comprises two interconnected buildings. The rectangular three-story structure houses the atrium, vestibule, bar-restaurant, library, and the Sala Portugal. The interior features steel pillars, interconnected by staircases, facilitating vertical circulation. The highlight of the Coliseu is its twelve-sided events hall, adorned with seating, box seats, and a metal ceiling supported by steel tubing. The capacity of the hall ranges from 2,846 to 4,000 people, depending on the configuration.

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The Coliseu de Lisboa has served as a versatile venue, hosting a wide range of performances and shows. In addition to concerts, the auditorium welcomes theater productions, circus acts, dance performances, and more. Its cultural significance extends beyond entertainment, as it has been recognized as a Property of Public Interest by the National Council for Culture.

As one of Lisbon's iconic landmarks, the Coliseu de Lisboa continues to be a beloved venue where artists and audiences come together to celebrate the arts. Its enduring legacy and commitment to preserving cultural heritage make it an integral part of the city's cultural fabric.