RALEIGH, N.C. — A fixture on Hillsborough Street for decades is for sale.
The Velvet Cloak will apparently close its doors this spring.
The 172-room hotel is under contract to an unidentified buyer. About 50 employees, 30 of them full time, will be out of work when the sale is complete.
Some downtown developers speculate the hotel might be converted into residences or remodeled.
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