Downtown Raleigh hotel sells for $27M, set for renovations and a new name
AI-generated summary reviewed by our newsroom.
- Buyer White Lodging acquired the 17‑story Sheraton Raleigh for about $27.75 million.
- Sale marks a 42% value decline from the 2015 $47.85 million purchase price.
- Owner plans Westin rebrand and renovations to rooms, meeting space and dining.
A 17-story hotel near the Raleigh Convention Center is poised to be renamed and renovated after a new owner bought the downtown property for far less than it had sold for last decade.
White Lodging, an Indiana hotel management company, has purchased the Sheraton Raleigh Hotel on Salisbury Street for around $27.75 million, county deeds records show. The hotel sold for $47.85 million in 2015, marking a 42% drop over the past 11 years.
“White Lodging expects to undertake a comprehensive transformation of the property and its amenities,” the company wrote in a press statement Monday, three days after the sale completed. “Including a brand evolution from a Sheraton to a Westin.”
Renovations to the 353-room hotel, White Lodging said, will feature “elevated” guest rooms and public spaces, more meeting areas and new food options. Jimmy V’s Osteria & Bar currently operates on the hotel’s ground floor. This is White Lodging’s first Raleigh hotel. The firm also owns and manages the JW Marriott Charlotte among approximately 60 other properties.
The Sheraton Raleigh Hotel was built in 1982 and abuts Fayetteville Street’s City Plaza. Oaktree Capital Management and Northview Hotel Group purchased it for $20.2 million in 2012 and completed significant improvements over the next few years. In 2015, the Buccini Pollin Group bought the hotel for more than double its previous sale price.
Local leaders have prioritized adding more hotel rooms around the convention center; from 2018 to 2020, the Raleigh Convention Center estimated 45% of its lost business was due to a dearth of local hotel rooms. A report at the time found Raleigh had fewer hotel rooms within walking distance of its convention center than Tampa, Baltimore, Salt Lake City, Nashville and Austin, among other cities.
The promised future Westin stands alongside the 401-room Marriott and an incoming Omni Hotels & Resorts, which the Raleigh City Council welcomed in an effort to increase downtownhotel capacity.
This story was originally published March 31, 2026 at 1:13 PM with the headline "Downtown Raleigh hotel sells for $27M, set for renovations and a new name."
