I hear that Road House 2 (or whatever they end up calling it) will not take place present-day, but will be set right after the end of the original film. There's no news concerning whether Patrick Swayze will return for role, but how could he not? That would be like someone other than Harrison Ford playing Indiana Jones in a sequel.
The problem is that Swayze was one of those genetically blessed folks that at 37 (his age at the time of filming Road House) looked 10-12 years younger than his actual age. He's now about to turn 53 and Father Time has caught up to him. He looks much older than he did in the first film.
If they set it around the time of the original they'd better come up with a heck of an explanation. I think they'd be better off setting it present day, but what do I know?