Downtown Raleigh Sheraton sold for $47.85M

The Sheraton Raleigh Hotel in downtown has sold for $47.85 million, or more than twice what the seller paid to acquire the property in 2012, according to Wake County property records.

The Buccini/Pollin Group acquired the 353-room hotel from Oaktree Capital Management and Northview Hotel Group.

Oaktree and Northview made significant improvements to the hotel after acquiring it for $20.236 million in October 2012.

Those improvements included upgrading the restaurant space along Fayetteville Street, which is now home to Jimmy V’s Osteria + Bar, and redoing the lobby and other common areas.

The occupancy rate in the downtown Raleigh market so far this year has been higher than the rate for Wake County, the state and the United States, according to STR, a Tennessee company that tracks the lodging industry.

The rate in downtown was 73 percent through the first fourth months of the year, up from 69.9 percent during the same period a year ago. Revenue per available room, a key industry figure, was $106.14, up from $97.72 during the same period last year.

This story was originally published July 10, 2015 at 10:31 AM with the headline "Downtown Raleigh Sheraton sold for $47.85M."