Property will be converted to a Westin after a renovation that will start early next year.
RALEIGH, North Carolina – White Lodging, Merrillville,
Indiana, has acquired for a reported $27.75 million the 353-room Sheraton Raleigh
Hotel in North Carolina, near the Raleigh Convention Center. White
Lodging will also manage the newly acquired hotel, which will be converted to a
Westin.
According to The Business Journal, the seller is reported to be Raleigh Hotel XXIX Owner LLC, which lists the
Maryland address of PM Hotel Group, according to North Carolina Secretary of
State records. PM Hotel Group Chairman Dave Pollin signed the deed. PM Hotel
Group declined to comment on the sale.
As of September 2025, the hotel's appraised value was $51 million, according to loan documents. The hotel's loan transferred to special servicing in August 2025 due to imminent monetary default.
This hotel provides an exciting opportunity to enhance the quality of the hotel with an expanded convention center in the works and growing leisure demand.
Jean-Luc Barone
Buccini Pollin Group acquired the property from Oaktree
Capital Management and affiliates of Northview Hotel Group for a reported $48 million
in October 2015 with PM Hotel Group brought in to manage.
White Lodging expects to undertake a comprehensive
transformation of the property and its amenities. The renovation will include
elevated guest room and public area enhancements, as well as added meeting
space and reimagined food and beverage concepts. White Lodging is currently
working on design and construction plans for the renovation and anticipates
starting the renovation in early 2027.
“This investment strongly supports White Lodging’s growth
strategy, which spans premium urban ground-up development, strategic
acquisitions like this one, and select third-party management agreements,” said
White Lodging Vice Chair and Chief Investment Officer Conner White.
This acquisition is White Lodging’s first in Raleigh. In
North Carolina, White Lodging developed, owns and operates the JW Marriott
Charlotte along with approximately 60 other hotel properties in 17 markets. The
company will open its newest development, Hotel Trinity Austin, Autograph
Collection, in Texas later this year.
“This hotel provides an exciting opportunity to enhance the
quality of the hotel with an expanded convention center in the works and
growing leisure demand,” added White Lodging President and CEO Jean-Luc Barone.