"We have encouraged peaceful protest, and, while protest is an acceptable means of expression, it becomes unacceptable when it obstructs the basic exchange of ideas," the university wrote.
Penn State students voted for the winners of the Guide State Forward award, which replaced the crowning of Homecoming king and queen in 2018.
Vice President for Student Affairs Damon Sims and University Police and Public Safety issued separate statements Thursday evening.
Police said a preliminary investigation indicates that "excessive alcohol consumption" was a contributing factor in 21-year-old Penn State student Ryan O'Malley's death over the weekend.
The restaurant will reopen at 10:30 a.m. on Thursday, October 20.
