One of Raleigh's largest hotels sold for close to $20M less than it was purchased for in 2015.

Indiana-based hotel developer White Lodging bought what was the Sheraton Raleigh Hotel at 421 S. Salisbury St. for $28M on March 27, the Triangle Business Journal reported.

The developer will rebrand the Sheraton as a Westin hotel and is planning a complete update to the site, aiming to turn it into an “elite hospitality brand,” TBJ reported. The renovation, slated to begin in early 2027, will include upgraded guest rooms, amenities and communal spaces.

The 249K SF property, built in 1981, has 353 rooms. It is the third-largest hotel in the region by room count behind Raleigh Marriott City Center and Raleigh Marriott Crabtree Valley, according to TBJ.

The seller of the Sheraton was an LLC connected to the PM Hotel Group, which is an affiliate of The Buccini Pollin Group. The group originally purchased the property in 2015 for $47.85M, according to TBJ.

In August 2025, the hotel’s loan was transferred to special servicing. By November, its occupancy was down to 65.4%. According to TBJ, the property had been facing financial woes since 2020, when it missed loan payments and saw revenue plummet by approximately $14M.

The hotel reportedly owes the North Carolina Department of Revenue $107,449.

Once renovated, it would be the second Westin in Raleigh. The first opened in 2023 in the Brier Creek neighborhood.

White Lodging has more than 60 hotels in the U.S., with the incoming Westin being its first Raleigh location.

Last year, hotel occupancy in Wake County sat at 67.7%, according to Visit Raleigh’s year-end 2025 Wake County Tourism Industry Report.