According to to the News & Observer, Oaktree Capital Management and Northview Hotel Group acquired the 353-room hotel last week for $20.236 million from the Gencom Group of Miami, which bought the hotel for $22 million in September 2006.
The new owners of the Sheraton Raleigh Hotel in downtown plan to make many major improvements to the property to give it a more urban feel. Some of the updates include updating the lobby, common areas as well as the 4,600 square foot restaurant space along Fayetteville Street.